Should I Stay Or Should I Go?

Every time you move on to a new job, you might leave behind a stranded pension pot from the old one. With an average of 11 different jobs throughout your working life, the trail can become quite long.

So it’s no surprise that people often decide to bring all their pensions together, under one roof. Suddenly everything is simpler. You’re likely to have more control, more flexibility, and you’ll only need to deal with one company.

After all, isn’t one pension just… easier?

Is transferring a good idea?

Transferring your pension could be a good idea if:

– You want to consolidate all your pensions in one place

– Your pension scheme is not good value for money

– You want a pension with more investment choice

– Your pension scheme is closing down

If it looks like you could be better off, you can transfer your pension to another registered pension scheme.

Why consolidate?

Consolidating your old pensions could give them a new lease of life. And that could mean a better life for you in retirement.

1. A clear overview 
Multiple pensions can make it difficult to understand how much you’ve saved, where you’re invested, who to speak to. Consolidating puts everything at your fingertips.

2. Less paperwork 
One provider. One website. One phone number. One set of login details. In minutes, you can find out how much your pension is worth, where it’s invested and make any changes.

3. Potential for greater returns 
Most traditional pensions restrict you to a handful of investments, which can limit the potential for better returns. Modern pensions give you more choice. And the better the investments you choose, the bigger your pension pot when you retire. Investments can fall as well as rise in value, so you could get back less than you invest.

Any reasons not to transfer?

If you’re part of a defined-benefit (DB) pension, such as a ‘final salary’ scheme, transferring your pension to a personal plan is a much more complex decision as you would be giving up guaranteed benefits.

If you’re a member of your current employer’s pension, you’re also unlikely to benefit from transferring, as it would probably mean losing your employer’s ongoing pension contributions.

What is the Next Step?

We are able to assist and we will be able to answer any pension or retirement planning questions you have and advise you on the best way to proceed, in what can be a complex area.

Contact us today and one of our experienced advisors will be happy to assist.

About Expat Financial

Expat Financial is a team of highly experienced Hong Kong based Financial Advisors. As Expats ourselves we understand the challenges of living and working in a foreign country. We use our Expat experience along with our extensive financial expertise to help you maximise the benefits of working and living offshore.

Regardless of whether you’re a financial novice or a seasoned investor we specialise in helping you to achieve your goals.

Additional Information Resources

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