What should I consider before transferring other pension pots into a new pension plan?
Updated 17 August 2017
There are a number of things to consider before your transfer your pension pots.
You might lose valuable features and other benefits like:
- protected tax-free cash
- protected low pension age
- waiver of contribution
- life assurance benefits
- any self-investment option
- employer contributions can’t be made to a Retiready Pension but can continue to be made into an Aegon plan provided by your employer - find out more
You might incur higher charges so make sure that you’re satisfied any such charges are justified.
Any trusts or expression of wishes that you’ve already set up won’t transfer over to a new Retiready Pension.
There’s no guarantee that funds that you choose will perform better than investments under your current plan.
Transferring or investing your pension may not be the best option for you, you should compare the benefits from your current pension with the estimated benefits of your new pension, including any guarantees and penalties. If you're unsure whether this is right for you or need advice, please speak to a financial adviser.