For one reason or another, you may decide that you want to transfer your pension plan to another pension provider. If this is something that you are considering the following information will be invaluable to you in making this decision.
Be sure to research the benefits pertaining to your current pension and compare them with those belonging to the pension plan that you are considering transferring to. Pensions are not equal in content, and it is important for you to establish which benefits are important to you and opt for a pension that provides them. Evaluate both pension provider’s pension fund offerings and their charges. Charges are an extremely important factor to consider when dealing with pensions as they can have a significant effect on the projected growth that a pension can make. It is also vital to find out if your existing provider has transfer out penalties/fees as this can have a significant impact on the value of the pension you will transfer.
If you feel that you need help with making your decision you could contact an Independent pension advisor. They are a key source of advice and information on transferring policies between providers. Because they are independent they will be able to provide you with impartial, yet comprehensive, advice. They understand the latest developments happening in the pensions market, and they will be able to ensure that you make the most appropriate decisions for your needs.
A key area in which pension providers compete is the following fees and charges. Make yourself familiar with these and ask the questions when considering the transfer:
- What are the annual administration/management fees?
- What is the allocation rate?
- Do you have a bid/offer spread?
- Are there any transaction charges?
- Is there an entry or transfer out fee charged?
This is only a small list of the possible charges which could apply to your policy and so it is very important that you find out what fees apply to your policy before proceeding with the transfer. You need to ensure you are getting value for your money!
Due to the fact that the Irish pensions industry is highly competitive, you should be able to make lucrative savings by transferring pensions.
Rochelle Martinez, Freelance Web Content Article Writer for three years. Some of her articles are about http://www.quinn-life.com
