I know it seems that in my articles I keep harping on about your pension situation. But there's actually a very good reason for doing so. In simple terms, for many, there has been no better time to transfer your U.K. Pension into a more beneficial scheme.
If you're on a final salary pension from where you used to work, the transfer values are extremely favourable. Firstly the stock exchange is performing really well. The FTSE has reached levels of 7500 recently and shows no sign of going backwards. Secondly, interest rates remain low, very low. Think about it, pension schemes usually have a portfolio which includes a spread of shares, so your pension value is tied to the way the stock market performs. When it comes to interest rates, pension trustees have to consider the present value of future payouts. The higher the interest rates, the lowerer the present value. In other words, low interest rates mean higher transfer values.
My advice is simple. Find out where you stand in order to be able to consider your options.
Now, it may be that your current arrangements are just right for you and your financial aims. It's a bit like checking the oil in your car. Possibly nothing needs doing, but if it's low, you'll be glad you checked in the long run. And checking your pension is as easy.
At deVere we offer a service to find out your pension situation. All you have to do is make one phone call, and give us a few details and authorise us to check on your behalf. Let me be clear, there is absolutely no obligation to do anything, but of course, as financial consultants, we can discuss your aims and offer solutions to meet your aims.