How Long Does A Final Salary Pension Transfer Take?
Your initial advisory process will affect the entire Final Salary pension transfer process. At this stage, you and your financial adviser will discuss your current pension plan and choose the best choice for your DB pension.
When new clients came in for initial advice with us at Cameron James, the first question they tend to ask is how long the Final Salary pension transfer will take and how much the pension transfer will cost.
We can reasonably assume that in late 2021, the quickest you could get a DB transfer done was around three months or two months at a push. When we highlighted ‘the quickest’, we presumed you were participating in the entire process, from discussing with you to completing your fact-finding, writing your report, submitting it to the UK ceding scheme, the UK ceding scheme undertaking their due diligence, and sending it to your new SIPP provider.
Learn the complete Final Salary Pension Transfer process at Cameron James in the video below. Don’t hesitate to hit the subscribe button to get the latest and most updated information about the UK Pension Transfer.
Is Transferring Final Salary Pension Easy?
Final Salary pension transfer has complex processes in place. The Final Salary transfer takes 3-4 months to process, but in some instances, it can take even longer. Also, worth knowing is that the Final Salary pensions CETV tends to be harder to obtain and is only guaranteed for 3 months. After this deadline, you either need to ask for a new CETV and pay additional fees for it to be produced, or you need to wait until next year once the 1st free CETV per year is available again.
Why Is My Final Salary Pension Transfer Taking So Long?
There are a few additional things you should investigate. If you deal with a financial adviser who isn’t particularly skilled with Final Salary schemes, your procedure may take much longer. They will make mistakes on the paperwork, they will be unfamiliar with the ceding scheme, and they will be unaware of scheme specifics, such as that this specific ceding scheme requires a copy of your birth certificate, for example.
So, picking the reckless alternative in the industry can sometimes result in a loss of money since your pension funds might be trapped in a transfer procedure for up to nine months instead of being invested in the markets.
We have a database for every single transfer we’ve ever done at Cameron James. Once we get a new client, we reflect on this to see how we can best speed up the transfer process. This is significant since your CETV gets fixed all at once. If you have a million pounds on your CETV and your transfer takes six months instead of four, there are two months of growth that you’ve missed out on.
How To Find A Good Independent Financial Advisor UK?
To identify the best financial advisers on the market, we always suggest you look into their background, cost, experience, and qualifications. The following check will help clarify whether or not you can trust the company and advice you are going to receive.
Pension Transfer Charges
We believe that while doing a Final Salary pension transfer, it is critical to consider a confluence of issues, including cost. Check to see if the company you’re working with is upfront about their pricing. Are you aware of all the charges involved, such as three thousand pounds for the report plus a two percent transfer fee? Are there any additional setup costs? Is there anything else hidden?
At Cameron James, we make sure to include everything at the start while moving quickly. Of course, the cost is crucial since no one wants to spend more money than necessary, as long as you’re getting decent market pricing, which is what we give at Cameron James.
Check the experience of your Final Salary pension transfer adviser; ask them challenging questions like, “Have you transferred a mercer pension before?” When was the last time you completed a Final Salary pension transfer? Do you know anyone involved in the scheme?
If they answer, ‘No, I haven’t moved one of these pensions before, or I transferred one twelve months ago,’. It’s unlikely that they’ll be capable of completing it quickly.
Also, ask them challenging questions such as, “What is your administrative support?” How many administrators are working on these schemes? Cameron James has a full-time administrative staff. They primarily serve for the sake of chasing.
The team consists of four members and is known as the UK Scheme. They work every day from Monday through Friday, from 8 a.m. to 6 p.m. Normally, we contact one provider; we have five customers that we need to discuss with that one provider, and they find dealing with a firm that has a higher number of clients more efficient than dealing with one-off people.
Why Trusting Your Final Salary Pension Transfer with Cameron James
Cameron James provides UK qualified and EU MiFID II regulated advice for Expats to make more informed decisions. Cameron James Finance has existing clients in 23 countries across 6 continents. The company is growing rapidly as more expats make us their trusted adviser every month.
Cameron James guides our clients with EU MiFID regulated advice from an RDR UK qualified adviser experienced in advising expats globally. Our Costs are transparent, so you know exactly how much you are paying for our advice in advance. No surprises. No last-minute add-ons. This allows you to make more informed decisions on you and your family’s future. Hit the button below for a free initial consultation with one of our regulated and experienced IFAs.