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DC to DC Pension Transfers

The average person will have 7-10 different jobs during their working life, making it easy to acquire lots of ‘pension pots’.  These 'pots', known as Defined Contribution or DC, might vary in size and be held with different insurance companies or providers; your investments could also be spread across different types of investment funds which may not always be suitable.  On reaching retirement, finally drawing your pension from so many arrangements may well be a complex and laborious process due to the amount of administration involved.

Providing these pensions are not Defined Benefit or DB (also known as ‘Final Salary’ schemes), it is possible to simplify your arrangements by consolidating your various 'pots' in to one plan.  By doing so you could also potentially benefit from lower charges, access to a wider range of investment funds and features such as improved online services and administration.

However before transferring any Defined Contribution 'pot' care must be taken to check whether you would be incurring any charges imposed by the pension 'pot' or losing any special rights, such as a beneficial rate of conversion into pension.

As part of our service we would consider all of these factors fully and we may advise you that we think it not in your best interest to transfer. As part of our service we would:

  • Assess your objectives  and circumstances
  • Your attitude to investment risk
  • Recommend a suitable range of investment choices from those available
  • Consider  the charges applying to the current “pot” and to the “pot” that may receive the transfer.

We will discuss the various options you have, produce a report and recommendations and oversee the implementation of any recommendations made.

Your interests and the provision of best advice are always our priorities.  For example, it may not be in your interests to transfer some of your previous policies due to penalties, market value reductions or the loss of guarantees.  In that case, it is likely that our recommendation would be that no changes are made to your current arrangements.

For further information

Please contact Steven Booker by email at steven.booker@barnett-waddingham.co.uk or by telephoning our Amersham office on 01494 788100 to discuss your options.



Related Documents
DC to DC Pension Transfer Service (482.57 KB, .pdf)