what does the process of a pension transfer consist of

The pension transfer process is necessary for various reasons. Whether the transfer is within the UK or to an overseas pension scheme, it will become necessary for the following reasons:

· When you are changing jobs.

· The pension scheme is being wound or closed down.

· You are doing a pension transfer to a better scheme.

· You want to bring together the pension schemes you are holding with different providers.

· You are looking to move with your current pension scheme to one in a country overseas.

Regardless of your reason for pension transfer, you definitely need the services of a financial adviser. If your pension transfer is to another pension provider in the UK, a financial adviser will help you check a few things. The following also applies if the pension transfer is to a company overseas.

· Does your existing scheme allow you to transfer all your pension pot?

· Does your preferred scheme support the transfer?

As you push for that pension transfer, remember there are a few things you have to put into consideration.

· You will still have to make payments to your new scheme.

· There is a transfer fee which the financial adviser will advise you.

· The right to take the pension at a certain age are some of the things you have to forfeit.

· You lose the right to a tax-free lump sum of twenty five percent of your total pension.

If you are in need of a financial adviser, talk to are at KLO Financial.

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