Welplan Pensions is happy to accept transfer of benefits from other pension schemes.
However, before you consider the transfer of any pension fund we recommend you seek independent financial advice to ensure you are not disadvantaged by the transfer as it may not be in your best interests to transfer some pension pots.
We suggest you gather together all your pension statements and any other information you have on your existing pension plans. Take a close look at the benefits your existing pension plan offers. If your current pension provides a guarantee of the money you will be paid, or guarantees a certain level of investment returns, you may be better leaving the money where it is. Compare the charges you’re currently paying against those of Welplan Pensions and consider the long term effect of these charges on your pension pot.
An independent financial adviser can help you work through your pension statements, and give you more specific advice.
If your transfer is from a defined benefit scheme and the value is in excess of £30,000 we are legally obliged to ask you to confirm that you have taken professional advice before Welplan Pensions will accept your transfer.
Pensions can be complex and you could lose out financially if you transferred from a scheme with certain features or benefits to another without those, so it is important that you are well informed. You can visit www.unbiased.co.uk to find an independent financial adviser in your area. You will need to pay for advice, however, you may find you save a great deal of money in the long-term.
You can get free, impartial information about transferring your pension from:
There is a comprehensive list of questions on the Money Advice Services’ website for you to ask your adviser.
Once you have looked into the advantages and disadvantages of transferring your benefits, we can investigate whether Welplan Pensions can accept the transfer.
In order to do this, we need your authority to request the relevant details from the scheme you’re potentially transferring from. Please complete our authorisation form and return it to us to enable us to obtain relevant information to consider your transfer request.
We will require the original form, not a scanned copy, as many providers will only provide details if the form has the member’s original signature on it.
If you need to talk anything through with us, please feel free to contact us.
Please note: Welplan employees are not independent financial advisers and they cannot give you specific financial advice.