Retirement is an inevitable stage that everyone has to go through. Saving for your pension allows you to enjoy a smooth life once you get to the golden age. However, some instances may force you to change your pension services.
Whether you’re moving to the UK, changing jobs, or upgrading your pension scheme, pension transfer allows you to enjoy a smooth transition, knowing your future is secure. Consider these options if you’re looking for the most reliable UK pension transfer services.
Hargreaves Lansdown
Being one of the largest pension services in the UK, it offers you over 2,500 funds, investment trusts, and shares worldwide. Flexible retirement income is among the most coveted features available in this plan.
The available investment plans grow your money, and you benefit from a pool of experts that give you options you can invest in. The Hargreave Lansdown application lets you monitor your investment’s progress and allocates round-the-clock customer support.
A cashback program rewards each member for transferring at least £10,000 of their pension to HL. This program offers you an easy transfer option that you complete in a few steps.
Interactive investor
Interactive investor offers the least costly pension in the UK, thanks to its flat fee that doesn’t increase even when you have a significant pension share. Transferring your existing investments takes at most 12 weeks to complete, but the time can scale down to 8 weeks if there isn’t much to transfer.
II SSIP allows you to transfer your pension money from several other schemes, including:
- Defined benefit occupational pension plans
- Executive pension plans (EPP)
- Occupations money purchase schemes (OMPP)
- Pension in drawdown
- Personal pension plans
- Recognized pensions schemes from overseas
- Retirement annuity plans (RAP)
- Small self-administered schemes
- SSIPs
- Stakeholder pension plans (SPP)
With as little as £25, you gain a stable pension transfer program. You do not have to pay additional fees for withdrawing money from your plan. This option allows you to pick from various investment plans in the market. It also lets you transfer your pension online, making it a convenient option. Not forgetting you can transfer UK pension to France as long as there’s a recognized pension scheme within your jurisdiction.
Bestinvest
This reasonably big investment company offers multiple plans to choose from. You do not incur any cost when setting up the SIPP retirement plan. Stocks, general investment, shares ISA, and SIPP are the primary investment options you get when dealing with pension plans at Bestinvest.
You get to choose between the ready-made and DIY plans. Depending on the SIPP product you choose, you pay a maintenance fee varying between 0% – 0.4% of your total investment. Thankfully, you only have to pay this amount once a year.
The company offers in-depth intel on things you should consider before transferring your pension funds. They also avail expert advice to individuals with additional inquiries.
Penfold
Penfold prides itself in providing the first full-digitized pension platform in the UK. This software is fully integrated with every step you require to successfully move your old pension scheme to the new one. Every step has simple instructions that make it easy to complete the process without additional help.
You can track the transfer progress on the penfold app and see how close you are to securing your future. The app lets you see your progress regarding savings and tax contributions and offers a breakdown that would help you hit your goals much faster. New members joining the scheme using your referral link earn you £25 per person, which goes into building your account.
Aside from reducing the paperwork, this pension scheme reduces the amount you have to pay to manage your finances and grows your finances over time. And when you finally need to use your money, you do not have to hassle accessing your funds. Finally, when you change your mind about their services, they won’t charge you transfer fees when moving to a different provider.
Vanguard
With Vanguard, you do not have to worry about a minimum transfer. The company accepts any amount when moving to their pension scheme. It has an integrated service that allows you to link a personal and family savings account and track their progress in one location.
You won’t incur additional costs when wiring your pension funds to a Vanguard account. They do most of the work once you apply for a pension transfer. Even if you already have started taking money from your pension, this company allows you to move to their services, especially if it offers better management fees than your previous provider.
Final Thought
A pension transfer is standard in the UK, so you shouldn’t worry about ditching a provider that doesn’t meet your expectations. If you live in Australia but have already invested in a pension scheme within the UK, you can check out the available options that allow you to transfer UK pension to Australia effortlessly.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.