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Pensions - Pension Switching

Historically people used to spend a considerable part, or all of their working lives, working for one employer. Today it is more common that people will be employed by several companies over the course of their working life.

This means that many people will accrue a number of preserved pension benefits during their lifetime. These could be in Final Salary and Money Purchase Occupational Schemes or private arrangements such as Personal Stakeholder Pensions and Retirement Annuity Contracts.

It can be time consuming and complicated to get a thorough understanding of what these benefits will be worth when you reach retirement, which is why an analysis of scheme benefits will enable you to have a clearer picture of the future.

It is advisable to weigh up all of the options, as often people have benefits that will never be utilised and could be better off in an alternative type of scheme.

A Pension Switch analysis will consider:

- Whether benefits are guaranteed
- Expected retirement pension and the way this is revalued
- Tax free cash, and whether this is restricted
- The provision of spouses and dependants benefits
- Death benefits payable both pre and post retirement
- Whether the benefits should be transferred to a more appropriate environment.

It is not always a clear cut answer as to whether it is advisable to transfer old scheme benefits, sometimes you have to weigh up the guarantees that may be given up and the associated level of risk. It is also advisable to continue to review your preserved pension benefits as your needs, requirements or circumstances may change.

What we are confident of is that we can guide you to making the right decision in light of your individual requirements.


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