PENSION TRANSFERS

There are mainly two types of company pension scheme, although there are a few variations. These are either Final Salary or Money Purchase types of scheme. Group Personal Pensions or Stakeholder Pensions can be offered by your employer, but they do not fall under the same occupational company pension scheme rules and regulations. For information on transferring from a Personal or Stakeholder Pension Scheme please refer to Regent.

Reasons for considering a transfer may vary due to circumstances but normally fall into one of the following categories:

1. You have left a company and have "Retained Benefits" with your previous employer
   
   
2. You have been made "Redundant"
   
   
3. The scheme is being "Wound-Up"
   
   
4. You are considering "Early Retirement"
   
   
5. You want to release "Tax Free Cash"
   
   
6. You want to "Draw-Down" or "Phase" your benefits
   
   
7. You are unhappy about the level of your scheme charges or fund performance
   
   

Any of the above can have different considerations and financial implications.

For you to consider an occupational scheme pension transfer (particularly from a final salary scheme) is a very complex issue. So much so, that the Regulator (FSA) has set a minimum qualification for any Adviser (if you seek advice in this area) to qualify to provide advice on a transfer out of an "Occupational Company Pension Scheme".

A Pension Transfer Specialist, who must be "G60" qualified, has to produce a full transfer analysis and advise you as to what your options are, and the most appropriate course of action based on your personal circumstances. Many advisers do not hold the appropriate qualifications and authorisation to carry out such advice.

Regent has many G60 qualified advisers - we are specialists in this field.

In addition, Regent is a firm of pension actuaries. We are therefore also able to help with the more complicated pension benefits and structures such as a Small Self Administered Scheme (SSAS).
This joint in-house capability is almost without equal.

If you have any retained or preserved benefits with a scheme you will have various options to consider:

1. Leave the preserved pension with your ex-employer
   
   
2. Transfer it to your new company pension scheme if available
   
   
3. Transfer it to a Stakeholder or Personal Pension Plan
   
   
4. Transfer it to a SIPP
   
   
5. Final Salary Guarantees and Scheme Wind Ups if applicable
   

If you are not sure what to do and want advice or simply have a question please contact us or complete the Enquiry Form.