2025-06-18

Questions to ask before transferring a pension

pensionstransfers

A transfer out of a defined benefit scheme is rarely a casual move. Guaranteed income, spouse pensions, and inflation uplifts can outweigh the appeal of a larger pot sitting in drawdown.

Ask what benefits you would lose, what charges apply in the receiving scheme, and how investment risk would sit with your other income sources. If a transfer involves safeguarded benefits above regulatory thresholds, specialist advice is required by law.

For defined contribution pots, transfers between providers are more common. Still check exit fees, fund ranges, and whether any employer matching would stop after you leave the workplace scheme.

Never feel rushed by a cold call or a deadline that exists only in a sales script. A proper transfer recommendation takes document gathering and time — and that pause is a feature, not a delay.