These are the questions that should be asked if you a UK-based pension that has become inactive since you have moved offshore. There maybe a good chance that you will be able to make more of your schemes by transferring them into an alternative pension arrangement.

Pension Analysis Process

Initially we will contact each of your existing providers and ask them to provide the current value of your plan, together with the benefit that you would receive if you were to transfer. We also ask for your projected retirement benefit amount.

Next we contact alternative providers of an alternative personal pension scheme and also of a SIPP and ask them to project your retirement benefits if you were to transfer your benefits to them.

The projections from each provider provide a good illustration of the charges involved in each pension scheme.

All projections are based upon the same rate of growth over the same time span so that the only variable is the product charges. If the transfer value is lower than the current value, this will also be reflected in the illustrations.

These projections give a good comparison of product charges and can be compared to alternative schemes that are available in the market place today.

There are a number of options that are available to you for your existing pension

Options

• Retain your existing pensions
  It may be that the charges that you are currently paying for your pension schemes are low and, if your funds have been growing well, it may not be worth transferring to an alternative scheme.
  
  Some pension providers also impose financial penalties if you are to transfer away from there scheme. If this is the case we may decide that the benefits from a transfer do not outweigh the transfer charges.


• Transfer your existing schemes to an alternative Personal Pension
  Consolidating your existing pensions into an alternative Personal Pension will provide you with a low cost pension scheme that has access to a large variety of funds. Transferring your pension will mean that you benefit from Montpelier’s active management and the security in knowing that your money is being made to work for you.


• Transfer your existing schemes to a Self Invested Personal Pension
  Consolidating your existing pensions into a Self Invested Personal Pension provides you with similar benefits to that of an alternative Personal Pension. However, this will give you access to an even wider fund choice, including commercial property and hedge funds, helping to further diversify your portfolio and enabling us to manage your risk more effectively.

Points to consider

• Charges
  The charging structure of each pension scheme has different charges and it is important that you are not being over charged for services that you are effectively not utilizing now that you are no longer contributing.


• Consolidation
  If you have more than one pension remaining in the UK then it will easier to manage, both now and in your retirement if you transfer them into one scheme. Also, if you are paying a fee for each of your existing arrangements, it will be better value to just pay one fee and hold all of your pension funds in one scheme.


• Fund Choice
  Many pension schemes have a limited fund choice and if your existing pensions are restricted by this then there may be additional benefits to be had from transferring your arrangement due to the additional fund choices.


• Active Management
  You will be able constantly monitor the performance of your funds and be recommend switches, when appropriate, to ensure that your pension grows at a good rate, maximizing your final pension fund.

So, if you have an old employer's pension or a pension with an insurance company then contact us now to discuss whether the contract should remain where it is.