Top 5 Reasons People Are Rushing To Transfer Their Pensions

In the last three months we have seen a vast increase in the number of new clients that we have taken on board so decided to speak with some of them and ascertain the main reasons why they chose to make the switch.

1. Service

The leading reason that was given to us was service.

“I tried to make changes to the investments in my UK pension and after two weeks of trying to get hold of them they informed me that they wouldn't allow me to because I was a US resident. So in essence I was going to be stuck in the same funds that I picked when I was 27 right through retirement. This was probably the leading reason I moved to you guys.”

Simon, 48.

2. Access

“I’m approaching retirement and my pension company will only allow me to access my money at the age of 65. The payments they will make are only capable of going to a UK bank account and there is the risk that they are going to tax me at source. I felt far more comfortable with the ease and flexibility in your structure which gives me access today.” (Our scheme, in line with the UK Pension Freedoms Act, allows access from the age of 55).

Peter, 57.

3. Risk

“I have a final salary scheme and the deficit keeps on increasing. I also don’t have much faith that the scheme is going to still be around when I retire and don't want to take that risk. When you guys got me my offer it was too good to pass down.”

Mark, 46.

4. Consolidation and Succession Planning

“I had six separate schemes in the UK all with different retirement ages and fees. I wanted one structure with the same retirement age and one set of fees. It’s also made it much simpler for passing it on to beneficiaries should something happen to me.”

Chris, 52.

5. Referral

“You’ve been looking after three of my old colleagues/ friends and they seem happy with your service. Not a reason why I rushed specifically but the main reason I chose to go with Loadstone.”

Marcus, 32.

There were many reasons given to us but the above were the most popular. If you would like us to obtain your latest valuations or offers (if you have a DB scheme) or if you would like us to arrange a reference call with any of the above please get in touch by emailing info@loadstonegroup.com or by filling out the contact form on our site by clicking here.