Can I transfer my pension myself?

When transferring your pension, you are moving your savings from one or more schemes to a new provider, much like you would when switching bank accounts.

If done right, transferring to a new scheme could leave you in a better position when it comes to retirement. Lower charges and a history of higher performance means less money going out and more money coming in. And who doesn’t love the potential for more money?

Do I need to use a financial adviser?

While you can transfer your pension yourself, going straight to your pension provider means that you won’t receive any support to make sure you are doing the right thing for you. It also comes with the risk of falling victim to a scam.

By seeking the help of a regulated financial adviser, you can make sure the scheme you are transferring your savings into is trusted and regulated by the Financial Conduct Authority.

If you have a final salary pension it’s a good idea to speak with a financial adviser before transferring out of this scheme. These pensions come with valuable benefits that are best to hold on to, such as a guaranteed income for life. A financial adviser can explain the benefits you would be giving up and help you to know if transferring out of this scheme is right for you.

If your defined benefit pension is worth £30,000 or more then, by law, you need to get financial advice.

What do I need to consider when transferring my pension?

When it comes to something as important as your pension, it’s essential to make sure you are doing the right thing for you and your future. So, there are a few things to consider before you transfer your savings to a new scheme.

  • Is the company regulated?

Whether you are seeking the help of a financial adviser or looking into a new pension provider, it is important that they are regulated by the Financial Conduct Authority to make sure your savings are safe. Our number is 754580 and you can check any company using their register.

  • What will it cost?

Here at Pension Access, we don’t charge an upfront fee to check your pension and let you know if there is a better pension scheme out there for you. And in most cases, we can fully advise you with no obligation. We will let you know how much it would cost to follow our advice and the fee would come from your pension so there’s no extra money to find.

  • Will you be giving up any benefits?

If you have a final salary pension then it will have valuable benefits attached, such as a guaranteed income for life. These benefits are generally best held on to, however we understand that everyone’s circumstances are different. A financial adviser can let you know if giving up these benefits is the right thing for you to do.

  • How will your savings be invested?

The biggest factor contributing to how your pension grows is the performance of your investments. So, the way your money is invested matters greatly. It’s a good idea to use a financial adviser who can clearly show you how your money will be invested with your new scheme and the impact this will have on your pension.

How could I benefit from transferring my pension?

If you have the right sort of scheme and transferring your savings is in your best interests, then it can come with a number of benefits.

The increased growth and reduced fees and charges you could get when transferring your pension go hand in hand to help your pot grow larger and faster than it previously had been.

If you are looking to withdraw your tax-free cash and are currently in a pension scheme that doesn’t allow you to do so, transferring your pension could make this option available to you but keep in mind that releasing pension money early is not right for everyone as it will leave you worse off in retirement.

Whatever you are looking to achieve with your pension, a financial adviser can help you know your options and find a scheme that is right for you.

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The details provided in this article are for general information only and are in no way deemed to be financial advice. All of the material is correct as of the publication date, but could be out-of-date by the time you read the article.
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Pension Access is a trading name of Harbour Rock Capital Limited which is registered in England & Wales as a Limited Company, No. 10290349. Authorised and regulated by the Financial Conduct Authority, No. 754580. Registered Offices: Affinity House, Beaufort Court, Sir Thomas Longley Road, Rochester, Kent, ME2 4FD. Telephone: 0800 009 3388. Email:
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