In 2012 the government introduced the automatic enrolment scheme, significantly increasing the number of UK employees contributing to a workplace pension scheme. These schemes are mainly in the form of defined contribution schemes, which can be fully contributed to by employer or contributed to by both employer and employee.
With people moving from job to job and company to company a lot more nowadays, this has left lots of employees with more than one defined contribution pension and therefore, in a lot of cases,a whole pot of pensions to manage. Generally pensions are the last thing that a lot of people think about, and it would be interesting to ascertain what percentage of UK workers know exactly what pensions they have and, more importantly, how they are performing?
Consolidating these pensions could save on admin fees and make them a lot easier to manage. The reality is also that a number of workplace pensions are in relatively poor performing schemes.
Transferring to a private pension through a qualified financial adviser is a sensible option, at the very least employees should be checking the TRANSFER VALUES of their pensions and establishing whether there would be transfer charges (i.e. comparing transfer value to actual value of the pension pot)
At Shenwick Recruitment, we are a 'candidate led' recruitment consultancy that works extremely closely with our Supply Chain candidates in terms of their development and long term aspirations. We can set up a free of charge review with an experienced pension transfer specialist who can facilitate occupational pension transfers if required.
The financial management company, with their comprehensive knowledge of up to date rules and regulations, can advise on how to get the most out of your pension and how to transfer, therefore providing the individual with more flexibility and more control over retirement income
Email me at firstname.lastname@example.org or call me on 07747 444004 to find out more about how you can review your pension/s effectively