Over your working life you might acquire several pensions from different jobs.
Following the overhaul of Pension rules in 2015 (called ‘Pension Freedoms’) the options you have in how you can take money out of pensions has changed significantly. You are no longer forced to buy an annuity or have restrictions on how much you’re allowed to take out of the pot each year. Many old-style pensions don’t accommodate these new rules so they may no longer be fit for purpose – moving them to a more flexible arrangement should be explored.
We will analyse your existing plans and make a recommendation if they should stay or move to a more suitable plan, consolidate all your pensions together and be regularly reviewed to ensure they stay on track.
We are unable to advise on Final Salary/Defined Benefit scheme transfers. However, we can refer you to specialists who can. Pensions Belfast.
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.