Pension Transfers

All the information you need for Pension Transfers

What is a pension transfer?
A pension transfer is a transaction whereby the value of your funds in one pension is moved to another pension scheme.
For example, if you have £100,000 in a Prudential Pension, you can move this to an Aviva Pension

Why transfer a pension?

There are several situations where a pension transfer makes good financial sense:

• Your current pension has high charges and fees
• The current pension scheme is being wound up
• If you have several pensions and would like to transfer them into a single pension for ease of monitoring
• After a Pension Review you have realised that there are pensions which have funds that have better performance
• Some employers allow you to transfer your personal pension into their occupational pension scheme to benefit from lower fees and employer contributions
  

Please note: You cannot transfer any benefits in a State Pension

How does a Pension Transfer work?

There are strict rules surrounding a pension transfer, so Independent Financial Advice should always be sought before a decision to transfer is made.
Once it is confirmed that a Pension Transfer is the best remedy for your retirement fund, the process with LMJ Financial Management is simple and straightforward:

STAGE ONE: Analysis
Research will be carried out into your existing pension(s) and the benefits you may be entitled to. All relevant information and paperwork will be collected on your behalf.

STAGE TWO: Advice
Qualified advisers will provide you with a comprehensive report based on your circumstances, so you fully understand the transfer process and the options available to you

STAGE THREE: Action
If you proceed based upon the advice, all of the necessary admin and correspondence will be handled on your behalf and you will be kept updated every step of the way.

During the consultation period will we collect information about you, your pensions and the goal you would like to reach at retirement (your desired retirement income).  This is essential for ensuring the advice you receive is tailored to offer you the best options available.

If you decide you would like to investigate the possibility of a Pension Transfer you must return the client declaration and letter of authority (authority for the pension provider to allow us to investigate the benefits of the pension) and you will be assigned a dedicated case manager. They will then handle all the paperwork on your behalf and keep you up to date every step of the way.

Pension Transfers for the over 55s

If you are over 55 with a UK pension, you will also have the option to withdraw benefits from your pension. Including up to 25% cash, tax free.
Due to HMRC (HM Revenues and Customs) rules, age 55 is the youngest age at which you can draw benefits, including tax free cash and income, from your pension.

If you would like to enquire on this basis, or if you are under 55 and you would like to review your options for a Pension Transfer, please complete the short form below.

Please note that the minimum age will increase from 55 to 57 by 2028.

'LMJ Financial Management Limited will complete a full analysis report to ensure that any potential pension transfer business in clearly in the client's best interest now and in the future'