Pension switching

It’s surprising how small changes to your pension now could mean a lot more fun for you in the future. Discover the power of switching.

What is pension switching?

Pension switch means transferring one or more schemes to a new provider. The principle is much the same as switching to a new bank account or energy provider.

Other phrases used to describe pension switch: pension transfer

Why would I bother switching?

Your pension could have a big part to play in how you live your life in the future. And if it is not currently working how you need it to, then simply sticking with what you have got could create issues further down the line.

There’s plenty of time left, can’t I leave checking my pension for another day?

Making small changes to your pension now could make a huge difference to your future. For example, let’s say you could save 1% a year on your pension’s annual management charges but you decide to put off switching for a year – that’s over £520 potentially gone1. Put it off for five years and you could lose over £3,100. Leave it for 20 years and you could have lost a whopping £27,057. The simple fact is the sooner you fix a leaky pension, the better.

So, basically it’s all about how much I am being charged?

The fees you are being charged is just one aspect. Pensions are complicated products with many different elements and it’s all about getting the right balance for you. For example, your pension could currently be shrinking, rather than growing, because of the way it is invested. Or, you might not be able to leave any remaining funds to a loved one when you die – which is far from ideal if this is what you want to do.

Can I switch any kind of pension?

You can switch all private pensions and most employee pensions. You do need to be careful if you are thinking about switching a final salary company pension. These types of schemes generally come with guaranteed benefits when you retire, which you would lose if you were to switch. You cannot switch out of unfunded public sector schemes which cover organisations and professions including the NHS, teachers, armed forces and the police.

There seems to be a lot to consider, I think I’ll stick with what I’ve got

Being completely frank, sticking with what you have got could seriously undermine your plans for the future. Alternatively, it could be absolutely the right decision for you. The issue is not knowing and when it comes to something as important as your pension, is this a gamble you are willing to take? The good news is we can do all of the hard work for you, to see if switching your pension is the right option for you.

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Pension GuideWhat’s covered:

  • A deliciously quick overview of what types of pension you might have
  • The reasons why a transfer could be right for you
  • Industry phrases and what they mean
  • How our approach is different to most, if not all, financial advisers


What to look out for?

If you are doing some research around pension switch then you are probably looking at more than just one company. So, we have listed below some important questions to bear in mind and of course, we are just a phone call or email away if you would like a chat.

Is the company regulated?

Regulated financial advisers must be registered with the Financial Conduct Authority (FCA). If they are not listed on the FCA register then they are not authorised to provide advice. Scammers may try to trick people that they are authorised so it is always important to check. Our FCA registration number is 754580.

What will it cost you?Mountain Hiker

To advise you on whether you should switch your pension or not a financial adviser will first need to review your situation, including your pension provision and personal circumstances. For this the cost can vary wildly. Our view is that people shouldn’t have to pay to receive expert advice on what to do with their pension. So, we only charge clients a fee if we recommend a change to their pension that they agree with and then instruct us to act upon.

Do you know if you will be giving up any benefits?

Certain pensions - especially final salary company schemes - come with a set of guaranteed benefits, such as a promise to pay you an income for the rest of your life. A financial adviser should make very clear to you any such benefits and advise on whether giving them up is the best thing for you to do or not. Ultimately, you should always have the right information, presented clearly, so that you can make a balanced decision.

If you switch your pension, how will your savings be invested?

The way your money is invested matters. It could be the difference between just getting by and having the freedom to do what you want to do in the future. If a financial adviser cannot clearly show how your savings will be invested and the impact this could have then you should seriously consider not using them.

How will your pension be managed over time?

It is likely that your circumstances and goals will change over time. This is why it is important that your pension is reviewed at least once a year, so that it is always tailored to suit where you are at in life. It’s not worth settling for advice that promises grand changes in the short term but cannot back this up with thorough ongoing management of your pension.


How can we help?

  • We will do all of the hard work for you, comparing your current pension provision against the rest of the market and then making a recommendation for you.
  • It will not cost you a penny to get to this point, we will only charge a fee if you agree with our recommendation and instruct us to make a change.
  • You would not need to find this fee, we would take it directly from your pension.
  • We do things differently to most, if not all financial advisers to make things as simple and hassle-free as possible for our clients. Find out more.
  • Our approach to investing is based on Nobel-award-winning research. This means that you could have access to what we believe are the best funds available in the UK.
  • There is no obligation: we will never pressure you into a decision and you can stop the review at any point, with no fee charged.
  • If you ask us to switch your pension then we can manage your new scheme for you, reviewing it annually to make sure it is on track to delivering what you need it to. 


What could the impact on your life be?

WavesThat glorious feeling of ticking something big off the list, knowing it’s finally been sorted. This is the immediate impact of checking your pension, to see if you should switch or not.

And if you do need to switch then we can do all of the hard work for you. This way you are free to concentrate on the things that really matter to you now, safe in the knowledge that when the time comes, your pension should deliver everything you need it to.

Call 0800 304 7288 for a friendly chat about your pension

Stephen's pension documentary

Stephen finished his documentary

Documentary-maker Stephen took money from his pension to complete his long-in-the-making documentary “After ‘82”, which explores the history of the AIDS crisis in the UK. Click the link to watch Stephen's story.


Watch the video

Alan's pension release story

Pension cash enabled Alan to clear debts

Alan had credit cards charging high rates of interest. Taking some tax-free cash from one of his pensions allowed Alan to clear the cards, and the rest remained invested for the future. Click the link below to watch Alan's story.


 Watch the video

Finding Mark's pension

Finding old pensions changed Mark’s future

Mark wanted us to find his pensions from previous jobs. Tracking them down gave him almost £20,000 more for the future. We then combined them into a single pension fund, giving more control than before. Click the link below to watch Mark's story.


 Watch the video

Frequently asked questions

Why would I think about switching my pension?

For most people, pensions are a fundamental part of their lives and could be the difference between a comfortable retirement and not having enough to live on. And even if you think your pension may be doing just fine, what if it could be doing so much better? Just small changes now could give you the freedom to live the life you want in the future.

Find out more

What is a no obligation pension review?

With this type of review a regulated pension expert will examine in detail your circumstances before clearly and simply advising what they think you should do with your pension. You will not have to pay for this review and you are not committed to follow the advice in any way.

Find out more

I am thinking of switching my pension, what do I need to know?

One simple change to your pension now could open the doors to the future you want. For example, a small reduction in fees or improvement in performance could mean a lot more money in your fund for when you need it. There are lots of different types of pension, so you need to make sure you’re in the one that’s absolutely right for you.

Find out more

Can I switch from my company’s pension if I am still working for them?

In most cases it’s possible to move your current company pension into a new scheme whenever you want to, even if you are still working for that company. You need to be sure of what you are giving up, though, as some company pensions are very generous and could be the best way to save.

Find out more

Important information

1All figures are based on an initial pension of £50,000, growing at 6% per year before charges of 0.5% and 1.5% are applied.

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