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Getting your pensions ready for the big day

Transferring pensions has become a key part of preparing for retirement. We spoke to one of our clients to find out more.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

"Proper preparation prevents poor performance."

This is a great military adage, and one we would all do well to live by wherever possible. You’ll give yourself a much greater chance of success if you prepare.

And it’s true for retirement.

After years of hard work, don’t let outdated pensions put the brakes on your big day.

21st century pensions

Drawdown and lump sum withdrawals have become the go-to-option for most modern-day retirees.

Both options let you keep full control over your pension. You decide how much income to take and where your remaining funds are invested, giving your pot the chance to grow. But, you must remember, if you take too much out or your investments perform poorly, you could run out of money.

Thousands of our clients transfer a pension to us each year so they can access it the way they want to.

More on transferring

We have a twenty year plan to enjoy the fruits of our labour

Recently, we spoke to HL client David Sumner, 65, from Lincoln. In preparation for his upcoming retirement, he transferred some of his pension savings to HL in April. We got in touch to find out more about his plans.

“I’m an air traffic controller and I’ve been working in the aviation industry for nearly forty years. In that time we’ve gone from analogue to digital and my job has changed dramatically.

I’ll be giving up my position in October. I’m a little apprehensive but I should do it, I’ve spent all this time away from my wife, it’ll be nice to spend more time with her!

Fortunately, I’ll have a very strong base of steady and secure income when I retire. I have a civil service and a military pension which will give me the financial backbone I need.

I’m going to move my private pension savings into drawdown. That way, I’ll have the flexibility to occasionally top up my income and pay for any luxuries.

We have a twenty year plan to enjoy the fruits of our labour. I always intended to move my pension to Hargreaves Lansdown. I’ve been dealing with HL for nearly thirty years and it never crossed my mind to go anywhere else.

I’ve always had an interest in investing. I’ve had a few ups and downs like anyone but it’s something I enjoy doing. Transferring my pension in advance has given me the chance to get my investments sorted. I’ve chosen a small selection of funds from across the globe to ensure my money is well diversified and spread around.

We’re happy to stay where we are going forwards. Our children are based in London but it’s easy for us to get the train down to see them. We’ll certainly be taking as many trips as we can. We’re off to Austin, Texas, in October – just in time for the Austin City Limits festival.”

Cashback Transfer a pension to HL

Transfer pensions worth £5,000 or more to the HL SIPP and we’ll give you between £50 and £500 as a thank you.

The more you transfer, the more you’ll receive. See below for our full terms.

You transfer We pay you
£5,000 - £24,999 £50
£25,000 - £49,999 £75
£50,000 - £99,999 £100
£100,000 - £149,999 £250
£150,000 or more £500

To keep your cashback, all we ask is that you hold your investments with us for at least a year.

The offer closes on 3 September 2019. If you need more time to decide, just let us know and we’ll give you an extra six months to qualify.

Transfer today

Before transferring please check you won’t lose valuable guarantees or benefits, or have to pay high exit fees. Pensions are usually transferred as cash so you’ll miss out on any market rises or falls for a period.

Remember, all investments can fall as well as rise so you could get back less than you invest.

What help is available?

What you do with your pension is an important decision. We strongly recommend you understand your options and check your chosen option is right for your circumstances. Take advice or guidance if you’re not sure. The government provides a free and impartial service to help you understand your retirement options - more on Pension Wise.

This article isn’t personal advice. If unsure, please seek advice.

We offer a range of information and support to help you plan your own finances. We also have an award-winning advisory service that can help you achieve your goals. Our flexible approach means you only pay for the advice you need.

If you would like to speak to our pensions helpdesk, call our team on 0117 980 9926. They’re available six days a week: Monday-Thursday 8am-7pm, Friday 8am-6pm and Saturday 9:30am-12:30pm.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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