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Switching my pension – what do I need to know?

If you’re coming up to retirement, changing job or have several pensions from different employers you’d like to bring together, you might want to think about switching, or you could simply want to establish the scheme your pension’s invested in is giving you the best return.

As long as you switch to another recognised pension provider, you won’t lose your tax relief benefits.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Things to think about

  • Your existing provider might not let you switch, so check with them first.
  • If they do allow switching, there might be a fee to pay.
  • You might lose certain enhanced benefits if you switch.

You shouldn’t lose the right to take 25% of your pension pot as a lump sum or any other standard benefits, but it’s best to make sure with your current provider.

How easy is it to switch?

Once you’re ready to make the switch, you just need to get everything together and fill in some forms.

Having paperwork comes in handy here and we’re happy to go through it all with you - just send us a message using the form on the right-hand side of this page if you’d like to get started. We’ll get back to you as soon as we can.

Alternatively, call us on 01244 470 107 or email: info@moneytreewm.co.uk

Mark Fletcher

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