Transfers are less difficult than you may imagineTransferring your old pension plans to a low-cost SIPP is easier than you may suppose as the transfer takes place directly from one pension company to another without you having to be involved. Indeed, for simple transfers from your old plans, where no penalties are incurred or guaranteed annuity rates lost, you could arrange the transfer yourself via a simple form without having to see a financial adviser. Those with less experience of pensions might prefer some guidance. With Chandos Rose advice is always available. For more complicated plans, such as final salary employer schemes, expert financial advice is usually essential. Under Financial Services Authority rules, advisers operating in this field have to have specific authorisation – Chandos Rose specialises in this area and can offer you advice. You may have built up ‘protected rights’ funds as a result of contracting-out of the State Second Pension or the old SERPS. These plans do have more restrictions on them than straightforward pension savings but many of these rules have now been eased under the A Day changes introduced in April 2006. In particular, it is now possible, for the first time, to take 25 per cent of the fund as tax-free cash and to access your benefits from age 50. By moving these funds alongside your SIPP, you could further simplify your pensions planning and ensure that these funds also gain the advantages offered by the new plans. Types of plans you can transferYou can transfer to the benefits of a low-cost SIPP from:
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