Old Pensions
Options for your Old Pension
This is a complex subject requiring specialist financial advice. Baker Gladstone & York have specialist pension knowledge. We provide many other financial advisers with advice for their own their clients.
As part of our service we:
- explain the type of benefits that you are likely to receive under your previous employer’s scheme
- explain the possible benefits and risks of transferring, or not, to an alternative arrangement
- describe the arrangements available that could receive the transfer values
- give you an idea of future income streams from these arrangements
What are your options?
The options available, in respect of the benefits from your former employer’s scheme(s), are:
- you can retain the benefits attached to your former employer’s scheme. These become payable at retirement
- you can transfer a pension to your present employer’s scheme, if applicable
- you can transfer a pension to your own policy, such as a Stakeholder pension or a Self-Invested Personal Pension
- you may, if you are aged 50 or over, be able to draw the benefits now
The primary purpose of transferring pension benefits to another plan is to increase the amount payable at pensionable age.
What other factors should you consider before transferring?
- Investment flexibility and control
- Tax-free lump sum
- Early retirement
- Lump sums on death before retirement
- Spouse’s pension
In order for us to advise you as to your existing arrangements, we will need your permission to approach the relevant companies. We will prepare you a detailed report showing our recommendation and the factors you should consider when deciding whether to retain your benefits with the former employer’s scheme or to transfer them to a suitable alternative arrangement.
How much will it cost?
There are two ways in which we cab be remunerated. One is by the payment of commission from the pension provider if a transfer takes place. The other is by way of a fee of a £150 per hour regardless of whether or not a transfer takes place.
