Local pension consultants First Actuary have launched a free guide for individuals thinking about whether to transfer out of their company pension scheme.
The Channel Islands guide, titled “Five good reasons to transfer out of your company pension…and five good reasons not to” was formally launched to a gathering of local Independent Financial Advisers at an event in St Helier on Thursday evening (31 January). The original guide of the same title was produced by Royal London but was specific to the UK pensions market. The Channel Islands version of the guide was based on the UK guide, with the kind permission of Royal London, with adaptations made to reflect the local market.
Managing Director, David Holmes, commented “The last two years has seen large numbers of people considering a transfer out of their traditional salary-related company pension schemes in the Channel Islands. Most individuals are likely to find staying in their current scheme is the best answer, but some may find the flexibility and
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circumstances, mean a transfer might be preferable. The guide offers a balanced argument with five reasons for transferring and five reasons not to transfer. Hopefully this will help individuals understand the basic issues and risks to allow them to have an informed discussion with their IFA before reaching a final decision.”
The guide is available in pdf format at www.firstactuary.co.uk or from most Independent Financial Advisers.