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Preserved Pension Options in Lanarkshire and Glasgow
Preserved Pension Options
A Preserved Pension is often referred to as a ‘Frozen Pension’ although this is incorrect. The correct term would be ‘Deferred’ or ‘Paid Up’.
It is normally a Personal Pension Fund that was built up to a level and then, the contributions were stopped or an Occupational Pension Scheme of which you are no longer a member.
The fund however, will remain invested and participate in any growth that may be achieved.
The decision to leave your fund where it is or to consider moving it to a new plan is not one to be undertaken lightly.
In many cases (particularly with older style Superannuation – or ‘Defined Benefit’ – schemes), the Deferred plan may have considerable guarantees and features such as Index Linking etc, attached to it, which could be lost on transferring. In such cases it would very rarely be in your interest to transfer.
Personal Pensions (or Defined Contribution Schemes as they are more technically known), are a different matter completely.
These are funds of money that are still invested and even though you may no longer be contributing, you are still paying Annual Management Charges from the fund, to have the plan managed.
The three main considerations here then are:
• How much are you paying in charges?
• Are the funds you are invested in still appropriate for your Risk Profile?
• How has your plan been performing?
The best way to improve your pension fund for retirement is to A) Reduce charges and B) Improve performance.
At Affinity we can review your pension planning provision and after researching the market for you, be able to advise you on how best to address both of these areas.
Contact Us for a No Obligation, Impartial assessment on your Preserved Pension Options.
People We’ve Helped
Thanks so much for the help and advice you gave me recently. I had no idea that I could move my pension from one company to another as easily as we did. My new pension should pay me more money in retirement than if i’d just left it where it was, which is great. I won’t hesitate to call you the next time I need anything done.” Thanks again”.
D GRANT, GLASGOW
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