• Shopping Guides
    • Choose a supermarket
      • Aldi
      • ASDA
      • The Co-op
      • Iceland
      • Lidl
      • Marks & Spencer
      • Morrisons
      • Sainsbury’s
      • Tesco
      • Waitrose
    • Compare Supermarket Prices
      • Aldi
      • Asda
      • Boots
      • Iceland
      • Lidl
      • Morrisons
      • Ocado
      • Sainsburys
      • Tesco
      • Poundstretcher
      • Superdrug
      • Waitrose
    • Find a supermarket
    • Food Guides
      • Basmati Rice
      • Drinks & Wine Supermarket
      • E Numbers
      • Fairtrade
      • Food Labelling
      • Food Prices
      • Organic Food
      • Recycling
      • Supermarket Shopping Tips
      • Supermarket Own Brands
    • Organic shop
  • Travel Guides
  • Utilities
    • Broadband
    • Boilers
      • Boiler Insurance
      • Boiler Maintenance Cover
      • Boiler Servicing
      • Finding the Cheapest Boiler Service Quote
      • Oil Boilers
      • Boiler Types – which boiler is right for me?
    • Energy
    • Energy Suppliers
    • Switch and Save
  • Voucher Codes
    • Offers
    • Exclusive voucher codes
  • Finance
    • What are savings bonds?
      • Fixed Rate Bonds
    • Banking and saving
      • Bank Accounts
      • Current Accounts
      • Savings Accounts
      • Student Accounts
    • Investments
      • Investment Bonds
      • Premium Bonds
      • Annuities
    • Credit rating
      • What is a Credit Rating?
      • Improving My Credit Rating
    • Credit Cards
      • Repay Credit Cards or Save?
      • Transferring Credit Cards
      • 0% Interest Credit Cards
      • Balance Transfer Credit Cards
      • FAQ for Credit Cards
    • Loans
      • Personal loans guide
      • Types of Personal Loans
      • Do I Need a Loan?
      • Payday Loans
      • Car Loans
      • Compare Loans
    • Debt Problems
    • Mortgages
      • Right to Buy Mortgages
      • Self Build Mortgages
      • International Mortgages
      • Missold mortgages
    • Pensions
      • Starting a Pension
      • State Pensions
      • Pension Transfers
      • SIPP Pensions
      • Opting Out of a State Pension
      • Missold Pensions
    • Banking Claims
      • Payment Protection Insurance
      • Packaged Bank Accounts
      • Missold Mortgages
      • Missold Pensions
    • Reclaiming Bank Charges
  • Family and Income
    • Increase Your Income
      • Increasing Your Income
      • Selling on eBay – Earn Extra Income
      • Surveys for Cash
    • Students and School
      • Student Loan Entitlements
      • Student Loans
      • Student Loan Calculator
      • Repaying Your Student Loans
      • University Tuition Fees List
      • Introduction of Higher University Fees in 2012-2013
    • Tax and Benefits
      • Tax Credits
      • Council Tax
      • Housing Benefit
    • Car and Petrol Guides
      • Breakdown Cover
      • Save Money on Car Expenses
    • Save Money on Fuel
      • Petrol Cost Calculator
      • Litres per 100KM to MPG Converter
      • Petrol Usage Calculator
      • MPG Calculator
      • Petrol Required for Travel Calculator
      • Fuel table
  • Insurance
    • Breakdown Cover
    • Car Insurance
    • Dental Insurance
    • Health Insurance
    • Home Insurance
      • Buildings Insurance
      • Contents Insurance
    • Income Insurance
    • Life Insurance
    • Mortgage Protection Insurance
    • Travel Insurance
  • News
  • Shop
    • Baby and child
    • Beer, Wine and Spirits
    • Drinks
    • Food Cupboard
    • Health and Beauty
    • Bird and Wildlife Care
    • Household Supplies
    • Nappy Changing
    • Pets
    • Snacks
Supermarket.co.uk
  • View Basket
Supermarket.co.uk
  • Shopping Guides
    • Choose a supermarket
      • Aldi
      • ASDA
      • The Co-op
      • Iceland
      • Lidl
      • Marks & Spencer
      • Morrisons
      • Sainsbury’s
      • Tesco
      • Waitrose
    • Compare Supermarket Prices
      • Aldi
      • Asda
      • Boots
      • Iceland
      • Lidl
      • Morrisons
      • Ocado
      • Sainsburys
      • Tesco
      • Poundstretcher
      • Superdrug
      • Waitrose
    • Find a supermarket
    • Food Guides
      • Basmati Rice
      • Drinks & Wine Supermarket
      • E Numbers
      • Fairtrade
      • Food Labelling
      • Food Prices
      • Organic Food
      • Recycling
      • Supermarket Shopping Tips
      • Supermarket Own Brands
    • Organic shop
  • Travel Guides
  • Utilities
    • Broadband
    • Boilers
      • Boiler Insurance
      • Boiler Maintenance Cover
      • Boiler Servicing
      • Finding the Cheapest Boiler Service Quote
      • Oil Boilers
      • Boiler Types – which boiler is right for me?
    • Energy
    • Energy Suppliers
    • Switch and Save
  • Voucher Codes
    • Offers
    • Exclusive voucher codes
  • Finance
    • What are savings bonds?
      • Fixed Rate Bonds
    • Banking and saving
      • Bank Accounts
      • Current Accounts
      • Savings Accounts
      • Student Accounts
    • Investments
      • Investment Bonds
      • Premium Bonds
      • Annuities
    • Credit rating
      • What is a Credit Rating?
      • Improving My Credit Rating
    • Credit Cards
      • Repay Credit Cards or Save?
      • Transferring Credit Cards
      • 0% Interest Credit Cards
      • Balance Transfer Credit Cards
      • FAQ for Credit Cards
    • Loans
      • Personal loans guide
      • Types of Personal Loans
      • Do I Need a Loan?
      • Payday Loans
      • Car Loans
      • Compare Loans
    • Debt Problems
    • Mortgages
      • Right to Buy Mortgages
      • Self Build Mortgages
      • International Mortgages
      • Missold mortgages
    • Pensions
      • Starting a Pension
      • State Pensions
      • Pension Transfers
      • SIPP Pensions
      • Opting Out of a State Pension
      • Missold Pensions
    • Banking Claims
      • Payment Protection Insurance
      • Packaged Bank Accounts
      • Missold Mortgages
      • Missold Pensions
    • Reclaiming Bank Charges
  • Family and Income
    • Increase Your Income
      • Increasing Your Income
      • Selling on eBay – Earn Extra Income
      • Surveys for Cash
    • Students and School
      • Student Loan Entitlements
      • Student Loans
      • Student Loan Calculator
      • Repaying Your Student Loans
      • University Tuition Fees List
      • Introduction of Higher University Fees in 2012-2013
    • Tax and Benefits
      • Tax Credits
      • Council Tax
      • Housing Benefit
    • Car and Petrol Guides
      • Breakdown Cover
      • Save Money on Car Expenses
    • Save Money on Fuel
      • Petrol Cost Calculator
      • Litres per 100KM to MPG Converter
      • Petrol Usage Calculator
      • MPG Calculator
      • Petrol Required for Travel Calculator
      • Fuel table
  • Insurance
    • Breakdown Cover
    • Car Insurance
    • Dental Insurance
    • Health Insurance
    • Home Insurance
      • Buildings Insurance
      • Contents Insurance
    • Income Insurance
    • Life Insurance
    • Mortgage Protection Insurance
    • Travel Insurance
  • News
  • Shop
    • Baby and child
    • Beer, Wine and Spirits
    • Drinks
    • Food Cupboard
    • Health and Beauty
    • Bird and Wildlife Care
    • Household Supplies
    • Nappy Changing
    • Pets
    • Snacks
Pension Transfers
Home
Finance
Pensions

Pension Transfers

Pensions

A pension transfer is a process of switching pension contributions from one pension scheme to another.

The reason why people switch pensions vary, with some looking for better fund performance and lower charges and others whose circumstances have changed such as redundancy.

Whatever the reasons, if you are thinking of transferring your pension, it’s important that you seek expert impartial advice, to ensure you don’t lose out financially.

Pension transfer basics

Before you consider transferring your pension it is worth knowing some basics.

There are 2 main types of basic pensions, the final salary pension scheme and the money purchase pension scheme. The transfer value of your pension is calculated differently for each type.

What is the final salary pension scheme?

The final salary pension scheme guarantees you a pension that is a fixed percentage of your final salary. Final salary schemes are also known as Defined Benefit pensions, because the pension (benefit) you will receive is fixed in advance. For example your pension is based on 1/60th of the amount of your pay when you retire for each year you have been in the scheme.

If you have been a scheme for 20 years and your final pay is £30,000 your pension will be £10,000.

What is the money purchase pension scheme?

The money purchase pension scheme on the other hand is based on your personal contributions. These are added together with money from others such as your employer and invested into a fund.

This scheme is also known as Defined Contribution pensions, because your contribution is fixed but the pension (benefit) is not.

Facebook Twitter Google+ LinkedIn Pinterest

Related Posts

Pensions Pensions

Pensions

Opting Out of a State Pension Pensions

Opting Out of a State Pension

Starting a Pension Pensions

Starting a Pension

Latest News
  • Asda
  • Sainsburys
  • Tesco
  • Morrisons
  • Waitrose
Bellis' purchase of Asda raises some competition concerns - GOV.UK
20 April 2021
Asda appoints John Fallon as CFO - Fruitnet
20 April 2021
Asda rolls out stair climbing machines for high-rise deliveries - The Grocer
20 April 2021
The Asda school uniform surprise that shoppers are talking about - Chronicle Live
20 April 2021
George at Asda shoppers want to snap up 'beautiful' £10 bedding set - Liverpool Echo
20 April 2021
Petrol from Sainsbury's, Tesco, Morrisons and Asda is soon going to cost significantly more - My London
20 April 2021
Asda, Tesco, Aldi and Sainsbury's issue urgent product recalls amid safety fears - Lincolnshire Live
19 April 2021
Argos to close Somerset distribution site 'with 230 jobs at risk' - Bridport and Lyme Regis News
20 April 2021
Shoplifter threatened to stab Sainsbury's worker with needle - Swindon Advertiser
19 April 2021
Latest Tesco, Sainsbury's, Aldi and Morrisons rules and bans amid shop alone plea - Lancs Live
19 April 2021
Tesco fined £7.56m for selling out of date food in Birmingham stores - The Guardian
19 April 2021
How to reclaim lost Tesco Clubcard vouchers – and you could get hundreds of pounds of food back - Mirror Online
20 April 2021
TESCO IN WOOTTON TO SHUT THIS WEEKEND FOR MONTH-LONG REFURBISHMENT WORKS - Island Echo
20 April 2021
Tesco selling gorgeous rattan garden furniture set for £250 that’s cheaper than B&M and The Range... - The Sun
20 April 2021
Former Flintshire Tesco store transformed into business centre - Business Live
20 April 2021
Letter: Thanks to helpers after fall outside Morrisons, Bridport - Bridport and Lyme Regis News
19 April 2021
Bradford-based Morrisons to give away postcards to help tackle loneliness - The Yorkshire Post
20 April 2021
Morrisons to offer free period products in new discreet move - Retail Gazette
20 April 2021
The cheapest UK supermarket has been announced - and it's no longer Morrisons - Grimsby Live
20 April 2021
Morrisons handing out free sanitary products to struggling families who 'ask for Sandy' - Mirror Online
19 April 2021
Aldi praised for 'genius' tweet to Tesco, Asda, Morrisons, Waitrose and Sainsbury's - Birmingham Live
20 April 2021
Waitrose launches The Levantine Table - Fruitnet
9 April 2021
Waitrose faces backlash for ending morning paper delivery - Retail Gazette
14 April 2021
Waitrose Altrincham has controversial changes to its delivery hours approved - Messenger Newspapers
26 March 2021
From Aldi’s Cuthbert to Waitrose’s Cecil: All the supermarket caterpillar cakes you didn’t know you could buy - The Independent
16 April 2021
Supermarket Deals
SMA PRO First Infant Milk, Ready-to-Feed, 70ml Bottles, Box of 32
SMA PRO First Infant Milk, Ready-to-Feed, 70ml Bottles, Box of 32
£21.97
Buy From Amazon
Molton Brown Heavenly Gingerlily Bath & Shower Gel
Molton Brown Heavenly Gingerlily Bath & Shower Gel
£22.00
Buy From Amazon
BROU | Premium Konjac Facial sponges | 3 pack | Organic | Biodegradable | Eco-friendly | Plastic-free |
BROU | Premium Konjac Facial sponges | 3 pack | Organic | Biodegradable | Eco-friendly | Plastic-free |
£9.97
Buy From Amazon
Amazon Brand – Mama Bear – Ultra Dry Nappies – Size 1 (2-5 kg) – With Channels –  96 Nappies (2  Packs x 48) – New Version
Amazon Brand – Mama Bear – Ultra Dry Nappies – Size 1 (2-5 kg) – With Channels – 96 Nappies (2 Packs x 48) – New Version
£9.89 – £20.30
Buy From Amazon
Hydrea London Carbonized Bamboo Exfoliating Gloves BCEG1
Hydrea London Carbonized Bamboo Exfoliating Gloves BCEG1
£4.77
Buy From Amazon
WANGUP 3 Pack Bath Shower Sponge Exfoliating Pouf Loofahs Shower Scrub Mesh Body Brush Ball for Women Men Clean Soothe Skin (50g/pcs)
WANGUP 3 Pack Bath Shower Sponge Exfoliating Pouf Loofahs Shower Scrub Mesh Body Brush Ball for Women Men Clean Soothe Skin (50g/pcs)
£7.99
Buy From Amazon
Sanex Dermo 7 in 1 24H Roll-on Anti-Perspirant Deodorant 50ml
Sanex Dermo 7 in 1 24H Roll-on Anti-Perspirant Deodorant 50ml
£1.89 £1.00
Buy From Amazon
Quacoww 8 Pairs Exfoliating Gloves Five fingers Bath towel Strong Double-Sided Exfoliation
Quacoww 8 Pairs Exfoliating Gloves Five fingers Bath towel Strong Double-Sided Exfoliation
£8.99
Buy From Amazon
Dove  Classic Beauty Collection Women’s Gift Set with Shampoo, Conditioner, Body Wash, Body Lotion, Body Creme and Puff – Gift Set for Her
Dove Classic Beauty Collection Women’s Gift Set with Shampoo, Conditioner, Body Wash, Body Lotion, Body Creme and Puff – Gift Set for Her
£23.99
Buy From Amazon
Carex Complete Original Hand Wash Refill, 1L
Carex Complete Original Hand Wash Refill, 1L
£2.85
Buy From Amazon
Fourpure Session IPA Beer Can, 12 x 330 ml
Fourpure Session IPA Beer Can, 12 x 330 ml
£21.60
Buy From Amazon
Birdies Sunflower Hearts- Bird Seed for Wild Birds -12.55kg Premium Husk Free Bakery Grade Kernels
Birdies Sunflower Hearts- Bird Seed for Wild Birds -12.55kg Premium Husk Free Bakery Grade Kernels
£17.99
Buy From Amazon
Princess Pink Glitter Gelli Baff-300g
Princess Pink Glitter Gelli Baff-300g
£4.83
Buy From Amazon
TePe Interdental Brushes 0.6mm Blue – 2 Packets of 8 (16 Brushes)
TePe Interdental Brushes 0.6mm Blue – 2 Packets of 8 (16 Brushes)
£5.95
Buy From Amazon
Woodford Reserve Bourbon Whiskey
Woodford Reserve Bourbon Whiskey
£31.46
Buy From Amazon
Aproderm Colloidal Oat Cream – 500ml pump – Paraffin Free Cream – Suitable for dry skin, psoriasis and eczema
Aproderm Colloidal Oat Cream – 500ml pump – Paraffin Free Cream – Suitable for dry skin, psoriasis and eczema
£10.00
Buy From Amazon
SkinnyBrands Premium Lager, 330 ml Bottle, Case of 12
SkinnyBrands Premium Lager, 330 ml Bottle, Case of 12
£14.00
Buy From Amazon
Miraval Rose JERO 3L
Miraval Rose JERO 3L
£115.89
Buy From Amazon
PitROK Berry Burst Roll-On Deodorant
PitROK Berry Burst Roll-On Deodorant
£4.05
Buy From Amazon
Sweet Almond Oil – 1 Litre Cosmetic Grade for Massage, Aromatherapy, Soaps, Lotions.
Sweet Almond Oil – 1 Litre Cosmetic Grade for Massage, Aromatherapy, Soaps, Lotions.
£6.99
Buy From Amazon
Advertisment
  • Click here - to select or create a menu
  • Compare Prices
  • Aldi
  • ASDA
  • Iceland
  • Lidl
  • Morrisons
  • Netto
  • Sainsbury’s
  • Somerfield
  • Tesco
  • Waitrose
  • Voucher Codes
  • Save on your gas bills
  • Save on your electricity bills
  • Save on your broadband
  • Supermarket news
  • Register
  • Log in
  • Visit the forum
  • Jobs
Follow us on facebook Follow us on twitter
  • About
  • Disclaimer
  • Our Ethics
  • Privacy Policy
  • Terms and Conditions
  • Cookie Policy