It’s now common for people to have multiple pensions. Finding details of lost pensions or investments can mean digging out paperwork from the attic, the basement or working out who to call.
In recent years final salary pension schemes have been phased out by employers because people are living for longer and the uncrystallised liabilities are wreaking havoc with corporate balance sheets. Robert Blumberger explains why this is happening and sounds a cautionary note for those attracted to the idea of transferring.
Here are eight advantages of a final salary pension transfer – but it’s important to stress that there may be other reasons, for and against approving a pension transfer request.
Transferring a final salary (DB) pension may look attractive, but there are disadvantages. For many, it may be best to retain those benefits and remain in the scheme. Find out why you might not want to transfer away.
Investments made through pension wrappers have reached a new high of £13.4bn in the third quarter of 2017, up 66.3 per cent on last year.*
The figures showed the amounts coming into pensions through transfers was particularly high. For instance, transfers into self-invested personal pensions (SIPP) more than doubled over the past 12 months to reach £1.9bn.