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MyLovelyRetirement.co.uk (MLR) is a trading style of Farsight Financial which is authorised and regulated by the Financial Conduct Authority.
Our service has been set-up to help you consider moving your company pension benefits (by which we mean your final salary/defined benefit scheme benefits) into your own individual pension plan; if you can answer yes to two simple questions then you are eligible for the service.
If you can answer yes just click on the button below:
Are you aged 50 or over?
Is your transfer value £200,000 or over?
Leaving your company pension scheme (or stopping being an active member) generally occurs when you leave your employer or if your employer closes the scheme.
The benefits you’ve built up still belong to you and you normally have the option to leave them where they are or to transfer them to another pension scheme.
If you leave your pension scheme, you do not lose the benefits you have built up; they continue to belong to you and will generally be inflation linked.
Most schemes will allow you to transfer your company pension scheme benefits to another pension scheme, which could be, for example, a personal pension scheme or an income drawdown arrangement.
You don't have to decide straight away – you can generally transfer at any time up a year before the scheme's normal retirement date (the date that you are expected to start drawing retirement benefits).
Why you might not want to transfer:
Company pension schemes pay your pension for life, you can plan your retirement without worrying about investment market falls.
If the company you worked for (and so the scheme) becomes insolvent you are protected by the Pension Protection Fund.
Company pension schemes pay a pension to your spouse if you die first – and some will pay something to dependent children on top.
Company pension schemes generally have inflation protection on some or even all your pension.
In many cases part of your state pension is in your company pension scheme and is protected by very generous annual increases both before and after you start taking your pension.
The tax treatment of the Lifetime Allowance is usually more generous for company pension schemes than personal pensions.
Why you might want to transfer:
When you die you can pass on what is left of your pension fund to whoever you want. If you die before age 75, it is free of all tax, if you die after age 75, you can pass it on tax-free and it stays tax-free until it is withdrawn.
Your spouse will receive the whole of your pension fund rather than a percentage (normally 50%) of your pension.
If you have other guaranteed income, you may find a capital sum more useful.
You will have the flexibility to take what you want when you want it from your pension fund instead of a pension that is either fixed, or rises by inflation or a small percentage each year.
You can be in control of your own investments and have a chance to grow your eventual pension.
If you have a number of company pensions then transferring and combining small pensions could give you a fund that you can invest for future growth, pass on to others or use to support you if you become ill.
If the transfer value of your company pension scheme (final salary/defined benefit scheme) is more than £30,000 and you want to transfer it to a pension plan that provides 'flexible benefits' (for example a personal pension or income drawdown plan) you must get appropriate advice from a qualified financial adviser (a Pension Transfer Specialist or PTS). This service will provide you with a PTS who will assess both your circumstances and your company pension scheme and advise you accordingly.