Pension advice
Transfer Your Pension with Expert Advice
A pension transfer means moving your pension from one provider or scheme to another. People transfer pensions for different reasons, such as wider investment choice, lower charges or having more flexibility over how they access their money. For most defined contribution pensions, taking advice before a transfer isn’t a legal requirement. The decision can still be hard to undo, though, so it helps to understand what you could gain or lose first.
Financiable® is a free service that connects you with an adviser from an FCA-authorised firm who can help you work out whether transferring is right for you.
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How to get pension transfer advice
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Submit a short enquiry
Fill in our enquiry form and give a few details about your situation. It takes just a couple of minutes.
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Talk to our team for pension transfer advice
One of our specialists will call to go through the defined contribution pension you’re thinking of moving, what’s prompting the decision, and where you’re based. No advice is given at this stage — it’s about finding you the right match.
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Get matched with a suitable adviser
We’ll put you in touch with an adviser from our panel whose experience with defined contribution pensions fits your situation.
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Have your free initial consultation
Sit down with your adviser to go through what is involved, what you’d be giving up or gaining, and what they’d charge. There’s no obligation to proceed.
When should you seek pension transfer advice?
You may want to consider pension transfer advice for your defined contribution pension if:
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Your pension may include valuable features
Some older defined contribution policies come with features that could be lost if you move, such as a guaranteed annuity rate, protected tax-free cash or the right to take your pension earlier than usual. An adviser can help you check what your current pension includes before you decide.
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You’re getting closer to retirement
If you’re thinking about how you’ll take money from your pension, you may want to check whether your current scheme offers the options you’re looking for. An adviser can help you compare what’s available and whether moving makes sense at this stage.
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You’re not sure what type of pension you have
Whether you need pension transfer financial advice, and what transferring your pension involves, depends on the type of pension you have. Your current provider can tell you, or a financial adviser can help you find out.
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You have several reasons for wanting to transfer
You may want to transfer your pension to reduce fees, access more investment options, combine old pensions, or gain more flexibility when taking money out. These can all be good reasons, but it’s important to consider the benefits and drawbacks of each before making a decision.
Why choose Financiable®?
Choosing Financiable® to match you with a pension transfer adviser has many benefits, including:
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Advisers from FCA-authorised firms
Every adviser on our panel works for a firm authorised and regulated by the FCA, so any pension transfer financial advice you receive about your defined contribution pension is regulated.
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Matched with the right adviser
After a short conversation with our team, we’ll introduce you to a single adviser selected for your circumstances, so you don’t have to search through a directory yourself.
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UK-wide adviser network
We work with advisers across England, Scotland, Wales and Northern Ireland. Meetings can take place in person, by phone, or over video — whichever works best for you.
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Free initial consultation
Our matching service is free to use, and your first conversation with an adviser is free too.
Have any questions about the Financiable® process? Don’t hesitate to contact our friendly team.
Contact usExplore other pension advice services
A pension transfer isn’t always the right solution. Depending on your goals, one of these pension advice services may be a better fit:
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Combining Pensions
A pension transfer moves one defined contribution pension to a new provider. Combining or consolidating pensions brings several pension pots together into one place, making them easier to manage. If you have multiple old workplace pensions, consolidation may be the better option.
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Pension Drawdown
If you’re approaching retirement, you may be more interested in how you’ll access your pension than moving it. Drawdown allows you to keep your pension invested while taking an income as and when you need it.
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Personal Pensions
A personal pension is a common destination for a transfer. It gives you control over where your pension is held, how it’s invested, and how you manage it over time.
Trusted pension transfer advice
Every adviser we introduce you to works for a firm that is authorised and regulated by the Financial Conduct Authority (FCA). Financiable® is a trading name of TFAS Wealth Limited, which is also authorised and regulated by the FCA. You can check any firm’s permissions on the FCA Register.
Pension transfers can be difficult to reverse, so regulated advice is important. If something goes wrong, you may be able to complain to the Financial Ombudsman Service, and the Financial Services Compensation Scheme may provide compensation in certain circumstances.
FAQs
What is a pension transfer?
A pension transfer means moving the money in one pension to a different provider or scheme. When it comes to defined contribution pensions, the value of your pension depends on how much has been paid in and how the investments have performed. You may also see the term used for moving out of a defined benefit (final salary) scheme, and this works very differently.
Will I lose benefits if I transfer my pension?
Possibly. In many cases, this is the most important question to answer before transferring. If your new pension doesn’t include the same features as your current one, you’ll usually lose those benefits when you transfer.
This is especially important if you have an older pension policy. Some include a guaranteed annuity rate, which can be worth significantly more than the transfer value suggests. Other valuable features that could be lost include protected tax-free cash, enhanced death benefits, and the right to take your pension earlier than normal.
How long does a pension transfer take?
A straightforward transfer between defined contribution pensions can often be completed within a few weeks, although older policies may take longer. If your pension is sold and moved across as cash, it may be out of the market for a short time while the transfer goes through. Your adviser can explain what to expect for your pension.
Are there any fees for transferring a pension?
There can be two types of costs to consider. The first is the pension transfer advice cost. Advisers set their own fees, which may be a fixed fee, an hourly rate or a percentage of your pension, and some also charge for ongoing advice.
The second is provider charges. Your current provider may charge you for leaving, and your new provider will have its own ongoing charges.
Your adviser will explain their charges in your free initial consultation, before you agree to anything.
When should you avoid a pension transfer?
Transferring isn’t automatically the right move, and there are situations where it usually isn’t:
- You’d lose a valuable feature, such as a guaranteed annuity rate, that your new pension can’t match.
- Exit charges outweigh what you’d gain.
- Your current workplace pension is still receiving employer contributions and moving it may stop them.
- You’ve been approached out of the blue about transferring. Cold contact about a transfer is a common feature of pension scams, and legitimate advisers don’t work this way.
An adviser will tell you clearly if leaving your pension where it is looks like the better answer.
Do I need financial advice before transferring my pensions?
For most defined contribution pensions, advice isn’t a legal requirement. You may still want to consider it before transferring, particularly if your pension is large, includes special features, or you’re close to retirement.
The exception is where your pension includes guaranteed benefits, such as a guaranteed annuity rate, worth more than £30,000. In that case, the law requires you to take advice from a firm with the right FCA permissions before the transfer can go ahead.
Pension Wise by MoneyHelper offers free, impartial guidance backed by the Government if you’re aged 50 or over and have a defined contribution pension. Financiable® does not provide financial advice or recommendations. We introduce you to advisers from FCA-authorised firms who do.
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