If you are considering changing pension contracts to a new scheme provider, there are number of options that need to be explored.
Not only could there be penalties when leaving old contracts, but any guarantees or safeguarded benefits which might be left behind will need to be identified. Considering options to transfer into an offshore scheme will need to be carefully managed as these are often not as flexible as those in the UK, and may not be appropriate.
Defined benefit and final salary pension scheme transfers have been affected by the April 2015 pension changes and now need to be signed off by a UK pension transfer specialist.
To ensure that there are no implications when changing pension contracts, find out more about pension transfers by listening to our Pension Transfer Specialist, Jeremy Woodley here: https://youtu.be/LbaZ3lmJSFs