Pension transfer is a process that requires careful navigation with the guide of a financial adviser. You need a financial adviser to help you consider the viability of the pension scheme you are transferring to. After all, you don’t want to rush into a deal that’s only going to leave you scammed.
Since pension transfer is irreversible, a financial adviser will help you make the best decisions. They have been in the business for a long time and can tell the merits of the transfer, years in advance. A financial adviser will help you fully understand the implications of the proposed pension transfer. That way, you can decide whether or not to proceed with the transfer.
Before the pension transfer is made, your financial adviser will analyse the characteristics of each of the assets. If your former scheme turns out better, they might even ask you to retain it. An analysis of the benefits of both schemes should reveal the truth upon which to make your decision. Key is an explanation of the rates of return of both schemes so you can make a final decision on the pension transfer.
If you are looking for a good financial adviser, talk to us at KLO Financial.