Transfer Dos and Don'ts


  • Look for and advice from a specially licensed independent financial adviser (IFA);
  • Consider your retirement options;
  • Make sure the scheme to which you are switching to have the ability to handle your needs and all the requirements;
  • Demand a transfer value analysis;
  • Check the financial position of your old scheme.


  • Transfer into a personal pension from an occupational money purchase scheme.
  • Switch if you are less than ten years away from retirement, unless the benefits of income drawdown outweigh the benefits of a secure payout.
  • Switch from your existing company pension scheme if both you and your employer are currently making contributions. No private pension scheme can match the benefits provided by your employer.
  • Transfer from a public sector pension scheme, such as the teachers' or the nurses' scheme, even if you left their employment years ago. These schemes are guaranteed against inflation.
  • Transfer if you have just a small amount of money in your former pension. Transfers are only worthwhile considering if the amount is worth more than £15,000.
  • Transfer without checking the death benefits of the former scheme, which may not be matched in a personal pension without having to buy a life insurance policy.
  • Transfer from a pseudo-public sector scheme, such as the Water or Mineworkers' schemes. These offer extremely large range of benefits, which are difficult to find elsewhere.
  • Transfer from a final salary scheme if you are averse to risk.