Before deciding on a pension transfer you should consider some particular free pension advice: first of all you need to be familiar with the terms of your current scheme. You cannot evaluate the benefits of another alternative if you have not fully understood your present plan. Analyze your financial condition and make sure that you are aware of the particular terms and possible restrictions regarding a potential transfer. Not all plans allow it or facilitate it, so it’s up to you to determine whether possible step could be beneficial or not. You should ask for a transfer value analysis, because this is the most useful and safe way to compare your current status with an alternative plan.

An evaluation of the possible risks of a new scheme is also helpful. There is always bound to be some kind of risk in these cases, thus you need to decide being fully aware of possibilities and choices. If you are, though, close to your retirement age do not opt for a transfer to personal pension schemes because chances are that you are going to lose a great deal of your eventual income. Rarely do the benefits of such a move outweigh the drawdown of the overall old age pensions.