HOW TO TRANSFER ONE COMPANY PENSION TO ANOTHER? | WHAT ARE YOUR OPTIONS?

HOW TO TRANSFER ONE COMPANY PENSION TO ANOTHER? | WHAT ARE YOUR OPTIONS?

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If you have worked for another company or a prior employer, you will leave your DC or workplace pension there. However, is it possible to transfer your pension from your previous employer to your new employer?

Before deciding to transfer your old pension scheme to the new pension scheme, you should ask yourself an analytical question such as: should you consolidate everything into your workplace pension? Is that pension plan better compared to an independent SIPP?

Final salary pension or DC pension vs. SIPP

Every DC or DB pension has a default choice, which limits your due diligence, investment options and performance, access, and cost.

The SIPP provides full pension flexibility beginning at the age of 55 or 57.

SIPPs have a wider fund selection than employer DC or workplace pensions.

SIPPs are also less expensive than DB or employer pension schemes. SIPP providers, such as AJ Bell or Fidelity, typically have significantly more underwriting assets, lower costs, and better access both online and offline than your final salary or defined contribution scheme.

You can guarantee that fund management is done correctly within the SIPP. You have flexible access to monitor the charges, costs, and how your investment is managed.

Dominic James Murray, Founder, CEO and Independent Financial Adviser (IFA) at Cameron James answers the question as well as other perspectives you need to understand workplace pension, UK pension transfer and SIPP. Watch the video to know the possibilities and implications as explained by the Pension Transfer Specialist with over 10 years experience (including the USA and non-UK residents)

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Key Points In This Video:

Typical Situation:

● Pension (DB or DC) from previous or current employment
● Transfer pension funds from the old to the new company.
● Can you consolidate it all into one place?

Limitation on Defined Contribution or Final Salary Pension

❌Less due diligence.
❌Default Investment.
❌Control over investment options, performance, access, and cost.

Advantages of SIPP
✅ Pension freedom (age 55 or 57)
✅ A broad range of investments
✅ Competitive cost
✅ Flexible access to investment options, performance, and access
✅ Flexible access to review costs and charges annually.

Alternative option

✅ Consolidate it into SIPP.
✅ Keep the existing workplace pension
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Video Timestamp:
00:00 - Intro
00:25 - Typical Situation
00:55 - DC Limitation
01:37 - Questions before transferring you former UK Pension scheme
02:47 - Alternative Option
03:30 - Potential benefit of SIPP
03:57 - Outro


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References and Helpful Links:
https://www.cjfinance.co.uk/services/uk-pension-transfers/sipp-personal-pension/

About Us:
The Pension Transfer Specialist for UK, EU, & USA Residents