Transfer Defined Contribution Pension Scheme

How To Transfer From A Defined Contribution Pension Scheme – Pensionfinder

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    How To Transfer From A Defined Contribution Pension Scheme

    pension transferWith this type of scheme, you are not entitled to specific benefits. Instead, you will receive benefits purchased by the fund which has been built up thanks to payments put into the pension scheme. Once again, this scheme does not let you know what benefits you are entitled to until you decide to take them.

    Those considering defined contribution transfers need to discuss certain things with a financial advisor:

     Investment choice
     How good the administration is
     Level of fees and charges
     What the new scheme offers over the old pension plan
     How much will you be charged by the old scheme in the event you transfer
     If transfer benefits will actually work for you

    It is also a good idea to talk to a financial advisor about the amount of benefits available in your old scheme which may not be applicable in the new pension plan.

    Defined contribution pension scheme plans have their transfer value calculated by how much current payments are worth. As this type of plan normally consists of shares, there is every possibility that its value will fluctuate wildly over time. As a result, the value of your final transfer could be worth far less than you hoped.