Pension Transfer

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Can I transfer my existing pension?

Transferring your pension to another scheme like a SIPP is not as complicated as you may think. Many people fear transferring their pension due to lack of knowledge and understanding. In many occasions they are just not aware they can do it. Have you looked at your pension forecast and thought it may not be enough for you to retire on? Maybe it’s time to explore a different route with your pension.

If you leave your employer and pension scheme and decide to opt out or stop making contributions, the benefits you’ve built up still belong to you. You have the option to transfer them to another pension scheme. You can transfer your pension pot to another pension scheme such as a self-invested personal pension (SIPP) or a Small Self-Administered scheme (SASS). If either of these is of interest then Barrington Howe can assist you through our network of financial advisers to facilitate the pension transfer for you.

What is a SIPP or Self Invested Personal Pension?

SIPP is a type of pension for people comfortable making their own investment decisions about their retirement or with the advice of a financial adviser.

There are alternative investments and property investment funds that will allow a SIPP to invest with them. This will give you the opportunity to select your own investments and seek opportunities that could better the performance of your existing pension. This is a great opportunity for those with frozen pensions where they could be transferred into a SIPP, allowing you to invest your pension funds with a view to increasing it over the years to build a bigger pension pot. Where you may have looked at your pension forecast and seen that it may not be enough to retire on, here is an opportunity for your pension to invested into areas of the market that are producing higher yields.

A SIPP also carries tax benefits. It provides up to 45% tax relief on contributions and there is no capital gains tax or further income tax to pay. The tax benefits will depend on your circumstances and tax rules are subject to change by the government.

Higher-rate taxpayers

Top-rate taxpayers receive 20% tax relief, and can claim back up to a further 25% through their tax return. With top-rate tax relief, a £10,000 contribution could effectively cost as little as £5,500.

Summary

  • Have more control and choice of you desired investment with a SIPP
  • Can transfer a frozen or existing pension into a SIPP
  • Receive up to 45 per cent pension tax relief with a SIPP

Barrington Howe, along with our financial partners can help you with your pension transfer. If you are looking to earn higher rates of return and unhappy with your existing provider or your current pension forecast,  you can move your pension funds. To utilise your existing pension to it’s maximise benefit, contact us today and a member of our staff will be happy to discuss this with you.

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