Transfering Pension

D

dodo

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My sister is in different job past year or so and has pension from previous job, her current job does not have a pension scheme as it is a very small company (5 workers) what is the best option for her to transfer,who is best in the market at the moment,

thanks
 
Thanks Sunny.

The previous poster specifically stated that they wanted to transfer away from the old fund. I should point out that as long as the pension scheme continues to exist, it's usually an option to stay in the pension fund, even after you've left the employment. However, doing that means that the trustees still have a certain level of control over the fund, e.g. who manages it. In addition you'll need to get any transactions on the fund countersigned by the trustees, up to and including retirement. So many people choose to transfer their fund into their own name, if only to sever ties with their former employer and the trustees of the pension scheme.

The question of who's best is a hard one to answer. The one that's best is the one that provides the biggest fund at retirement. Problem is we don't know which one that will be. So the criteria for shopping around should certainly include the following: -

  • Who has a choice of funds that suits my tolerance for risk?
  • Who has competitive charges on their product?
Cheers,

Liam
 
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