Pension Review Frequently Asked Questions

Pension Review Frequently Asked Questions

What is a "pension review"?

A pension review is a simple process that will help you with your pension in a number of ways. These include locating any pensions that you may have lost track of, taking a close look at your existing pension plan(s) and taking stock of their performance. You will also be able to explore different pension options that may or may not have existed previously.

What will happen after I complete the form?

We will call you back, usually within just a few minutes, and introduce you to an FCA registered adviser who specialises in pensions.

What questions will I be asked and what information should I have?

We will need your details (Full name, address(es), date of birth and your national insurance number) plus the details of any pension provider or supplier you use / have used. Ideally these would include your pension provider/suppliers company name, their contact details and if you have it available, your pension plan policy number(s).

Most pension information can be found using a pension finder service, but if you have the details at hand it will speed up the pension review process.

Will I have to visit the pension adviser in person?

No, in most circumstances the entire pension review procedure can be done using the telephone, post and email.

Are there any obligations for me using your service(s)?

No. There are absolutely no obligations to use our service or any offered by any FCA registered adviser we introduce you to. The choice is always yours.

How long will a pension review take?

The usual processing time is 4-6 weeks, although it can take anything up to 12 weeks, this is dependent on how responsive any existing provider is.

What are my likely options?

Below are the most common options although your pension scheme may have specific rules not mentioned here.

If you are under 55.

1. You can take no action.
2. You can transfer your pension to another provider or supplier.
3. You can move into a private pension scheme.

If you are over 55.

1. You can take no action.
2. You may be able to start taking benefits from your pension scheme.
3. You can transfer your pension to another provider or supplier.
4. You could purchase an annuity.
5. You can move into a private pension scheme.
6. A combination of the above.

What does "Selling my pension" actually mean?

"Selling your pension" means any method of taking cash out of your pension in a lump-sum prior to your originally expected retirement age.

What is a "pension transfer value"?

The pension transfer value, more commonly called a cash equivalent transfer value (CETV) is the cash value placed on your pension.

How do you make money?

We charge an advertising fee to the advisor(s) for any introductions that we make.

What or who is a pension supplier?

A pension supplier is [usually] a businesses that manages your pension fund for a fee.

Can I get a pension review if I'm self-employed?

Yes. And we say it was in your best interests. This is because generally the self-employed are left to fend for themselves. So if you are self employed then we will introduce you to a pension specialist who can help.

What reasons might make someone transfer their pension to a new pension supplier or provider?

The main reason is a better return on investment, and depending on your circumstances it may be financially beneficent to transfer your pension. Another common reason is to consolidate multiple pensions into a single pension plan and then save the resulting pension management fees by using a single supplier, coupled with the above is moving a pension simply to save on management fees.Without doubt if you are considering transferring your pension then obtaining a pension review is the first steps to ensuring it is suitable for your circumstances and that you understand the implications.

Am I too late to plan for my retirement?

It's almost never too late and although often we realise paying into our pension is important, finances sometimes simply don't allow for it. Regardless of your age it is worth planning for your retirement now.

How much does my pension review cost?

Our pension review service is free and no obligation and the end service is 100% transparent. However, if after your pension review it is shown, and you decide to make changes to your pension fund(s) then fees and charges may apply. These will be fully explained to you by an FCA registered advisor prior to you making any decision.

What is a "Final Salary Pension"?

A final salary pension (often called: a defined benefit scheme or a salary related scheme) is a pension where the resulting retirement income is related to the final salary received from the employer rather than the actual value of the fund itself.

FCA Registered Pension Experts

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