More Information: Commonly Asked Questions
What Is Pension Consolidation?
How does it work?
What type of pensions can I switch?
How do I get started?
How much will it cost?
Will a salesperson call or visit?
I still have questions!
Isn't changing all a bit of a hassle?
What Is Pension Consolidation?
Pension consolidation is the same principle as switching your mortgage, credit card provider or savings account. It's about getting a better deal and reducing your pension charges. We compare your current pension arrangements against the modern flexible low cost pensions available from the major UK pension providers to find you the most competitive pension product in the market place.
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We have access to the all the major UK pension providers. We analyse your current pension arrangements in terms of financial strength, costs and charges, fund performance and administration flexibility in order to compare against a more competitively charged pension arrangement. If it is proven that you could be significantly better of at retirement we make a recommendation to switch. Your current pension funds are transferred to the new provider and invested as per your current "attitude to risk". You will then have access to all your pension funds on line.
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What type of pensions can I switch?
There is no restriction on the type of pension you can switch. However if you were a member of a defined benefit, commonly known as a "final salary" pension scheme then it is very rare that you would consider switching from that type of scheme.
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If you want to explore whether you could benefit from pension switching then: - Complete our 3 step initial process - Send us the completed "letter of authority". These are pre-populated from your information input - We will do the rest! Once we receive the letter of authority we will contact your pension providers and obtain the current fund and transfer values of your pension funds. We analyse this information and send you a comprehensive report, which contains information on how you may benefit from switching your pension. To complete the process we send you the existing scheme discharge forms issued by your current pension provider and a simple application form.
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There is no charge for the work carried out up to issuing your report. Our terms of business sets out how and when we are paid. The pension provider that will receive your pension funds will pay us a commission dependent on the size of your pension fund. This is only paid on completion of the switching process. The payment sum is deducted from your pension fund. You will not be billed for any work carried out by us.
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Will a salesperson call or visit?
No. Our entire process is conducted online, email and via post.
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If there are any further questions you would like to ask please contact us and we will reply to any questions or queries you might have.
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Isn't changing all a bit of a hassle?
Sometimes it is easier to leave things as they are. However you could be missing out if you choose to stay with your existing plan. The process is also a lot easier that you may think as we do most of the work.
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