Transfer values under £30,000
If you have a transfer value of under £30,000 you do not have to take financial advice in order to transfer. However, we would recommend that you speak to a financial adviser about transferring as there is a lot to think about.
What are the risks of transferring without getting financial advice?
The main risks you will face are:
- Your money runs out too soon and you have nothing to live on
- You transfer out and it turns out to be a pension scam (see pension scams page).
The other risks are:
- You choose a product that doesn’t suit your personal circumstances.
Can I transfer my pension pot anywhere?
You are able to transfer your pension pot to a registered pension arrangement of your choice. However, some pension providers require you to take advice before accepting your funds, even if your transfer value is less than £30,000. By speaking to a financial adviser, you will ensure your provider options aren’t limited and the adviser can help you choose a pension arrangement that suits your personal circumstances.