Wondering if transferring from your employer’s pension scheme really is a wise move?
You’ve probably heard two sorts of pension transfer story.
One of regret. Not sure if they’ve done the right thing. Still worrying about money.
The other of blissful early retirement, freedom from work. Unlimited leisure time.
How do you make sure you don’t end up in the first camp?
It all depends on one crucial factor – you.
There is no ‘one size fits all’ template for pension transfer advice. They are not right for everyone.
The reason? A pension transfer entails giving up the safeguarded benefits of an employer’s Defined Benefit (DB or final salary) scheme. Not least the guaranteed income it promises.
Does that mean it’s out of the question for you then? Again, it depends on your circumstances.
There are situations where a transfer can be appropriate and here’s what you need to understand.
Pension Freedoms introduced in 2015 paved the way for those aged 55+ to choose to take income from personal pensions as they wish. With the remaining money providing a family pot to pass on.
The main attraction is the flexibility a personal pension brings – it’s possible to take regular or variable sums from 55. You don’t have to take the 25% tax free cash all at once and it’s fine to carry on working after transferring a pension.
If you have an employer’s final salary scheme this would mean transferring the equivalent value into a Defined Contribution (DC) personal pension for you to have control over.
Firstly though, you need to find out if it’s in your best interests by talking to one of our Pension Transfer Specialists.
BA(Hons) DipFA MLIBF AwPETR ISO 22222 Certified, LIBF Certified
Managing Director
PENSION TRANSFER SPECIALIST
DipPFS, ISO 22222 Certified
Senior Investment Advisor
PENSION TRANSFER SPECIALIST
It depends on your needs and objectives. If your situation is one of those listed below it is worth exploring:
Remember, a transfer to comes with responsibilities you need to think carefully about.
Being comfortable with fluctuations in value is one. The value of a personal pension depends on the ups and downs in the stock market and the funds your pension is invested in.
If your pension is valued over £30,000 there is only one way to know if a transfer may be appropriate for you. That is to consult a suitably qualified and authorised Pension Transfer Specialist (PTS).
A PTS must have full transfer permissions from the FCA plus specific Professional Indemnity insurance.
This first stage is factual information on the pros and cons of the safeguarded and flexible benefits of your existing pension. Your personal circumstances are not taken into account at this stage.
The next stage is a short form of regulated advice for pension transfers requiring specialist advice. There are only 2 possible outcomes.
Abridged advice will only cover a fact-find of your situation and risk profile. If your situation is unclear you can then choose to proceed to Full Advice, with fees payable.
The aims of the full advice process including APTA analysis is to either conclude a transfer is not suitable or provide the evidence to support a recommendation to transfer. There are several elements to this.
Here at Oaklands Wealth we have experience which comes from dealing with hundreds of pension and retirement planning clients. My firm holds the British Standard 8577 award for our investment process and service and our fees are detailed below.
We have two Pension Transfer Specialists with 55 years pension and experience between them and are ISO 22222 accredited. And we have full permissions from the FCA and PI cover to back our advice.
Interested in speaking to us? Let’s be clear at the outset, we do not recommend a transfer for all those who approach us. We have no interest in giving anyone an unsuitable recommendation.
If we do give advice which results in a transfer then we handle everything from the initial investment right through the ongoing fund monitoring, cashflow management and lifetime performance review.
If you’re fine with that and trust we have your best interests at heart, we look forward to speaking with you. Call us now on 0121-355-4455 or email appointments@oaklandswealth.com
Kind regards
Helen
PS. Our whole process from initial enquiry can be done safely via phone, Zoom, Skype or Facetime.
Oaklands Wealth Management is proud to look after the pensions and investments of hundreds of clients throughout their lifetime. You can find over 70 client reviews of our service on the independent trust site Vouched For.
Since 2013 we’ve held the British Standard BS8577 award For financial planning and advice service. Both our advisors Helen Blackburn and Nick Hampton also hold the International Standard ISO 22222 for ethical personal financial planning.
We are based in Sutton Coldfield and serve clients throughout the Midlands. We offer unlimited free meetings – at the moment via Zoom, FaceTime or ‘phone – for you to decide if we are the right advisors for you.
You have 12 months to test us out, risk free. If we don’t live up to your expectations and you move on, we’ll refund our service fees to you.
1
Step - Triage Information on the pros and cons of your existing pension.
2
Step 2 - Abridged Advice Fact Find & Risk Profile to determine if Full Advice is needed.
3
Step 3 - Full Advice Recommendation & Investment Plan if transfer implemented.
We have an Initial Advice Fee and an annual Service Fee.
Our Initial Advice Fee is 1% of your investment value.
For investments of £1 million + we waive this fee.
All Pension Transfers have an initial advice fee of £7,000 (For Full Advice. Abridged advice is free).
Our annual Service Fee is a % of investment value:
Annual fund provider & platform charges average 1% of fund value.
We do not charge for withdrawals or fund switches.
Founder of Oaklands Wealth Management
I established Oaklands Wealth Management in 2004 and have built a team who truly care.
Take your time to get to know us, as we’ll meet without charge as many times as you like.
You’ll find we approach our service like a good friendship. We’ll take a real interest in your life and ask questions. We help you understand how your money can be managed to live the life you want.
We’ll be alongside you to plan your financial journey, check in regularly and make adjustments.
Our clients are from all walks of life. Families, singles, retired. Factory workers, business owners and professionals. All are completely different and all are treated equally.
We have a minimum initial investment of £500,000 (£650,000 for pension transfers).
The Oaklands Wealth Management Investment Process
Every client journey begins with a risk profile and full fact find of your situation.
Then we create a cashflow model to age 100 to project how your money can last you.
All this results in a personal portfolio of FCA regulated funds to invest your money in.
From then on you’ll receive 2 face-to-face or video reviews per year. And ad-hoc advice.
Every month we analyse over 3,500 funds and will make changes to yours if needed.
Please promise me one thing – whether you choose us or another firm, do act now.
Where will you be otherwise in another 30 days? Probably still left wondering, what if . . .
Call us now on 0121-355-4455 or email on appointments@oaklandswealth.com for a confidential chat.
Helen Blackburn BA(Hons) DipFA MLIBF AwPETR
ISO 22222 and LIBF Certified Advisor
Managing Director
What were the circumstances that caused you to look for an IFA?
After leaving Rolls-Royce after 26 years, I wanted to transfer my pension into an investment fund but I find anything pension or investment related a ‘black art’.
How did Helen Blackburn help you?
Helen reviewed my circumstances and asked me to complete a risk profile questionnaire, which was then used to develop my portfolio.
What is your current situation? Have you seen the outcome you were hoping for?
Definitely, I also appreciate being made to feel part of the Oaklands family, every team member I have come across is an established professional and a pleasure to interact with.
What could they have done better?
I wish I could find a fault, but I’m not going to invent one when one really and truly doesn’t exist. I would recommend Helen, including the whole Oaklands team, in a heartbeat.
You know that money can’t buy you happiness. But it’s a lot easier to be happy when you don’t have to worry about your money! When you know your investments are being looked after by a trusted friend, it’s easier to pursue your hopes and dreams and goals. It’s called peace of mind. That’s what our clients tell us they want above all else. So, our culture, values, and guarantees focus on delivering exactly that. Peace of mind. When you join the Oaklands family, you’ll always know how your investments are performing relative to your financial goals. We’ll meet for regular reviews, of course. And, we’ll always be on hand to chat things through if your situation changes or you need to ask questions.
Oaklands Wealth Management Ltd. is authorised and regulated by the Financial Conduct Authority to give Independent Financial Advice.
Firm Reference Number 432451.
The company holds the British Standard BS8577 for financial advice planning and service. Helen Blackburn, Managing Director, holds the ISO 22222 award for personal financial planning,
T 0121 355 4455
E info@oaklandswealth.com
12A Duke Street
Sutton Coldfield
West Midlands
B72 1RJ
