There are many pension options available and for those leaving a scheme or changing employment before retirement, it is really important to be aware of all the alternatives. It is essential to take advice at least 18 months prior to retirement because complacency regarding your pension scheme is likely to lose you a lot of money. AEON can help you make an informed and advantageous decision.
Deciding on the best pension for your circumstances is vital and you must consider carefully the pros and cons of each option.
This type of defined benefit, also known as final salary scheme guarantees to pay you a pension based on your salary and the number of years you have been a member. If you leave the pension with the employer, the employer guarantees to pay a defined pension benefit at your normal retirement date. Therefore, transferring out of a DB scheme is a decision that should be carefully considered. Many advisory firms do not have authority to advise you on this type of transfer but fortunately AEON is able to give you advice.
Transferring from a DC scheme or personal pension is far less problematic because you have accumulated an individual pension pot and can invest this elsewhere when you move. You may want to transfer to achieve more growth, consolidate a number of small pensions into one scheme, to improve death benefits or to obtain guarantees.
There are several factors that need to be considered:
Irrespective of the type of scheme you own, you should take advice to establish exactly the best home for your pension fund. Do not delay taking advice because it could be costing you or your dependents a fortune! Contact AEON today for a free no obligation meeting.