Moneytree Wealth Management
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Pension Transfer advice

Are you looking for pension transfer advice?

If you’re coming up to retirement, changing job or have several pensions from different employers you’d like to bring together, you might want to think about transferring or consolidating them, or you could simply want to establish the scheme your pension’s invested in is giving you the future flexibility you require.

The advisers at Moneytree Wealth Management will navigate you through the jargon.

As long as you transfer to another recognised pension provider, you won’t lose your tax relief benefits.

Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.

Tax treatment varies according to individual circumstances and is subject to change.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Things to think about

  • Your existing provider might not let you transfer, so check with them first.
  • If they do allow switching, there might be a fee to pay.
  • You might lose certain enhanced benefits if you transfer.

You shouldn’t lose the right to take 25% of your pension pot as a lump sum or any other standard benefits, but it’s best to make sure with your current provider.

With final salary or defined benefit pensions the tax free lump sum works slightly differently and the way this is calculated is complicated. It's based on the scheme's 'commutation factor', which represents how much of a lump sum you get for every £1 you give up in income. 

So if you have a commutation factor of 12, you get £12 of lump sum for every £1 you give up

How easy is it to transfer?

Once you’re ready to make the transfer, you just need to get everything together and fill in some forms.

Having paperwork comes in handy here and we’re happy to go through it all with you - just send us a message using the form on the right-hand side of this page if you’d like to get started. We’ll get back to you as soon as we can.

Alternatively, call us on 01244 47010  or email: 

Millie Rafferty

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