Richard Jewell, Peter Darnell, Directors, Sigma Golf Limited
Pension transfers (or pensions switches as they are sometimes known) are a complex area that require careful consideration.
We will fully investigate existing pension arrangements and make a recommendation as to the most suitable course of action, which in many cases may be to do nothing.
Boolers provide invaluable support to ensure you have peace of mind, and are able to undertake review and transfer services for:
- Final Salary Pensions
- Occupational Pensions
- Personal Pensions and SIPPs
- Pension and Divorce advice
Potential Problems when transferring
Whether a Final Salary (defined benefit), Occupational or Personal Pension scheme, irreplaceable pension features can be lost on transfer, such as:
- Guaranteed annuity rates to convert your pension pot at retirement
- Guaranteed minimum funds at retirement
- Loss of terminal bonus
- Life assurance
- Greater tax free cash
- Spouse Benefits
Conversely, some pension funds will have contractual penalties and reductions in fund values on early transfer out.
Advice
An experienced eye is needed in every potential pension transfer case. This is to fully investigate and understand the content of each pension plan, and to advise the client about their plan. When appropriate, Boolers will advise if a pension transfer should not proceed.
David Ball and Carole Waghorne act as the pension transfer specialists for the firm and review each potential case before advice is given.
