When transferring your UK pension, your Independent Financial Adviser (IFA) will ask for a Letter of Authority (LoA) from you. This important document gives your IFA permission to request and access the necessary information about your pension so they can carry out a thorough review and provide tailored advice.
A Letter of Authority includes your personal details, such as your name, address, date of birth, National Insurance number, and specific pension scheme information. It authorises your adviser to gather data from your pension providers. Your adviser might inquire about fund values, charges, beneficiary details, and whether you are eligible to transfer your pension.
While your annual pension statement provides some information, your IFA needs additional details to complete a full assessment. The LoA ensures they can collect everything required to guide you confidently through the pension transfer process.
To help you understand the Pension Letter of Authority and what it means for you, our CEO and Independent Financial Adviser, Dominic James Murray, explains it in detail in this video.
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Are You Tied by a Letter of Authority?
Most of our clients are unsure about signing the letter of authorisation because they feel out of control. A LOA just authorises them to leave and get information from your pension scheme. To emphasise, signing a Letter of Authority does not indicate that you give your IFA authority to transfer your pension. Similarly, it does not indicate that you consent to work with them. Generally, you will not have signed any paperwork that confirms you are working with them.
We always advise our clients not to be afraid of being bound just by signing the letter of authority. You can sign a letter of authority to one or more IFAs to check into any aspect of what is the most ideal decision for your UK Pension.
Cameron James: Pension Transfer Advice You Can Trust
At Cameron James, we are the go-to specialists for UK pension transfers, particularly for expats and US residents. With over a decade of experience and clients in 35+ countries, our expert advisers understand the complexities of transferring Defined Benefit or Defined Contribution pensions into SIPPs.
We provide clear, transparent, and regulated advice to help you make informed decisions. Our advisers will walk you through every step of the Letter of Authority process, ensuring you feel confident and in control from day one.
Don't let confusion delay your pension goals. Book your free consultation with one of our qualified advisers today.