The main reasons for transferring a money purchase or defined contribution pension are as follows:
• Drawdown Options
• Currency
• Investment Selection
Other reasons can include:
• Receiving advice throughout retirement
• Consolidation of all pension ports
Have you previously transferred a UK pension to either a QROPS or SIPP with an offshore adviser and have seen poor performance or are unhappy with the service you are receiving?
The Shell Pension Scheme, the non-UK scheme being the Shell Overseas Contributory Pension Fund (aka SOCPF), has consistently been targeted by scammers due to the lack of advice requirements to transfer away. Unlike a UK defined benefit scheme, this scheme does not require FCA regulated advice to transfer away.
Pensioners opting for pension transfers get record cashouts with the favourable bond market movements.
The recipients of ‘final salary’ pension transfers received £40,000 more than participants opting for the same last year, finds a recent survey. Workers with defined-benefit pensions are ditching regular monthly payments for these lump-sum payouts across the country.
