Transferring your Pension? 7 key questions

Sunday, 29th November 2009 23:10 - by Resident IFA

The Financial Services Authority (FSA) are keen to ensure that Pension transfers are wholly justified in terms of being beneficial to the transferor. The FSA suggests 7 key questions to pose/consider when taking advice or looking at a Pension transfer yourself. 1. Will the new pension be more expensive than my existing one(s)? 2. Would a stakeholder pension meet my needs and objectives? 3. Is it a good idea to transfer all of my pensions into a single new pension? 4. Will I lose any benefits? 5. Are there any penalties if I transfer? 6. Will the investments in the new pension be right for the amount of risk I am prepared to take? 7. Will I need ongoing advice? For greater depth and more information in connection with the above 7 questions, you can visit: http://www.moneymadeclear.fsa.gov.uk/products/pensions/transferring.html As always, my mantra is “Seek Independent Financial Advice”! This should dove-tail with the above FSA guidance towards achieving the correct outcome. So, just a quick late night Blog which I hope will be of use and help to a few of you. Until next time...