If you are over the age of 50 but under 55 years of age, we have to inform you that the general view is that unless there is compelling evidence, it will be difficult to justify any recommendation to proceed with a pension transfer.
If you are under age 55, you have no access to the funds via Pension Commencement Lump Sum or the drawing of income.
Additionally, it is proposed that anyone born after 6 April 1971 will be unable to access any funds until the age of 57.
Typically, we find the scenarios below can be looked at more favourably:
- The client is an independent financial adviser, professional investor, pension scheme trustee or a similar background with extensive fund knowledge and an understanding of risk, reward and loss.
- The client is in considerable ill health that will impact or create serious concerns about their longevity.
- The client has a property Self-Invested Personal Pension or Small Self-Administered Scheme and understands commercial property investment and is looking to buy their own commercial property.
- The client is so wealthy that the transfer value is an insignificant part of their overall assets.
- The client is close to age 55 and has a specific goal that needs actioning on or shortly after their 55th birthday.
Your overall financial and family situation, including other pensions and savings, would need to be established and considered as well as other relevant factors, such as whether you are relocating abroad.
A fully reasoned case scenario would be needed for us to consider providing advice to anyone aged between 50 and 55. Also, advice cannot be provided for anyone under the age of 50 other than in very exceptional circumstances.
Pension Transfer Advice - Want to find out more or discuss your situation?
Please complete this form with your details and the reason for your request. A member of our specialist team will then be in touch.
