Have you moved jobs or been made redundant in recent years?
If so, have you done anything about your pension?
Often the sums involved are significant and the choices you make will have a serious impact on your future retirement security.
On leaving an employment, you have several choices with any pensionâ€™s benefits you have built up.
These include leaving them with the pension scheme of your former employer; transferring them to your new employerâ€™s pension scheme or transferring them to an independent structure in your own name.
There are pros and cons to all of the options.
Retirement can seem a long way off, but here are some reasons to put time into considering your options now:
-You Gain Control: If you transfer to structures in your own name, you wonâ€™t have to go back to your previous employer seeking your benefits at retirement age.
-Your Investment options will be considerably enhanced: In employer group schemes, you are often restricted with investment fund choice.
-In the case of older defined benefit schemes you should consider the health of the scheme.
Be aware that there could be a hierarchy regarding who gets paid first should the scheme get into difficulty.
The hierarchy starts with those who are already receiving their pension.
If you are yet to retire you may be in danger of receiving a diminished benefit or in the worst case, nothing at all.
Do you want to carry this risk?
At Inverdea, we will assist you in understanding your own pension situation and will help you answer the many other financial questions you may have â€“ organise a call back today.