Thursday, 21 April 2011

Transferring UK Pensions

Transferring UK Pensions, What Are The Benefits

Many of us have a private or corporate pension to which they are currently still contributing to or they have one or more pensions they used to contribute to, a so called frozen pension that has kind of been forgotten about.

The last time you spoke to the pension fund manager was most likely when you signed up, if you have ever spoken to him or her at all! 

Chances are your pension funds could be under performing or even losing money, especially when it comes to these frozen pensions as they most likely have not been actively managed. Every year the administration fees are deducted and when the pension was not performing that well to begin with, these fees could actually erode your pension...

If you have several of these frozen pensions you most likely are paying several sets of administration or management fees, making the problem even worse.

There is actually one thing you can do to stop this. You could get a qualified pension specialist to trace all your lost pensions and have him or her analyse the performance and cost of these pensions. Then, depending on the outcome of this analysis, it might be cost effective and advisable to transfer these pensions into one pension fund with one set of fees or it might not but you should at least look into it!

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