Pension Switch
At SMH Financial Services, we understand the importance of making informed decisions about your pension(s). That’s why we offer a pension review service that is designed to help you better understand your existing pension arrangements and if appropriate switch your pension to a plan that is better suited to your needs and goals.
What is a Pension Switch?
A pension switch is the process of transferring your pension from one plan to another. This can be done for a variety of reasons, such as consolidating multiple pensions into one plan, accessing better investment options, or reducing fees and charges. A pension switch can be a complex process, with many potential issues if you make the wrong decision, which is why it’s important to seek professional advice before making any changes to your pensions.
Why transfer your pension?
There may also be a number of reasons you may be considering transferring your pension such as:
- Change of jobs
- Consolidation of multiple pensions
- Legislation Changes
- Existing Pension being closed or changed
- Suitability i.e high charges, poor returns, limited policy features, inflexibility etc.
Our Service
The process of a pension switch can be a difficult task which must be taken a full understanding of your existing pension and any new pension arrangement you are considering moving into. At SMH Financial Services, as well as handling the paperwork, we look at all variables including exit penalties, loss of valuable options or guarantees, tax consequences and any risks to your pension investment. Seeking professional advice is crucial and we pride ourselves in assisting you in choosing the most suitable plan for you and your individual circumstances.
If you would like to arrange an initial meeting with one of our financial advisers to discuss your existing pension arrangement(s), please contact the SMH Financial Services team on info@smh.group or 0114 266 4432.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.