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Keeping track of multiple pension plans can be tricky. With a pension transfer, you may have the option to combine all your pension plans into one single plan.
Important things you should know
Transferring pensions isn’t for everyone. There are a few things you should think about to help decide if it’s the right choice for you:
- Benefits and guarantees
Your existing pension plan may give you benefits or guarantees that the new plan might not offer - Charges and choices
The charges may differ between pension plans, and there may be different investment options available - Your current situation
If you’re in poor health, it might not be a good idea to transfer, as the pension plan could be liable for inheritance tax if you die within two years of transferring
Remember, you can speak to a financial adviser if you’re unsure about pension transfers. There’s likely to be a cost for advice.
To find out more on pension transfers you can also visit the Governments Money Helper website.
FAQs
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Transferring a pension
If you have decided you want to transfer your pension you can do so with any of your providers. To transfer a pension into your Standard Life plan you can do this online or over the phone.