Frequently Asked Questions

Can I combine all my pension plans?

The short answer is yes, you can transfer your pensions into one place. This is known as consolidation.

If you have multiple pension plans and are considering combining them, we recommend you speak to an adviser before doing so. This way, you can be sure you’re doing the right thing for your personal situation and My Pension Expert will check each individual pension plan to make sure there are no penalties for switching.

Are there any charges or penalties for transferring my pension to another provider?

This will depend on the type of pension(s) that you currently have; My Pension Expert will always complete checks on your current plans to take a close look at the benefits they offer. By doing this, you can be reassured that you won’t lose any valuable benefits by transferring, and make sure there are no exit penalties.

Clients who take our advice and subsequently set up a retirement income product will be charged an advice fee for the service. The fee is taken from the pension pot itself on transfer and is not payable direct. As an advised service, we will only recommend a transfer where it places you in a better position, even after our fee.

What happens to my pension when I die?

The type of pension you have and whether you’ve started to take an income will determine how it is taxed or distributed when you die. Each pension plan gives you the option of adding a death benefit into the plan to protect your loved ones. You can find out more about passing on your pension here.

Do I have to take my pension now?

Pensions are open-ended arrangements so, in theory, you don’t have to take the money from your pension. You need to think about why you require the funds and whether delaying your pension could mean that you lose out. By taking independent advice from My Pension Expert, you can be sure that any decision you make is the right one for you.

How do I know I can trust My Pension Expert?

The decisions you make regarding your pension income are among the most important you’ll make in your lifetime. With that, we understand that you need to be sure that the advice you receive is honest and can be trusted.

My Pension Expert is authorised and regulated by the Financial Conduct Authority (FCA) and can be found on the FCA register No. 579999. Our FCA status means that you can be confident that the advice you receive is in your best interest.

Aside from being regulated, My Pension Expert is rated 5 stars ‘Excellent’ by our clients on the independent review website Trustpilot.

How are you ‘independent’ if you work for My Pension Expert?

Independent in terms of advice means that we’re not tied to any particular product or provider. We can advise and recommend products from any provider that makes their products available to Independent Financial Advisers.

At My Pension Expert, we specialise in pensions. Because we’re independent, we can recommend options from across the whole of the market to find the right solution for each of our clients. We consider your unique circumstances and tailor our recommendation to you and your needs.

What happens if the companies involved fail financially?

Depending on your pension product, you will have different protections in the event that a provider fails financially.

Annuities are 100% covered by the Financial Services Compensation Scheme, with no upper limit. This means that the full value of your annuity is protected.

Invested funds, including those invested in Drawdown, are covered for up to £85,000 per investment company, per person. We also aim to diversify your funds across multiple providers, helping to limit your dependence on individual providers as additional protection against financial failure.

What is the difference between Discretionary and Advisory financial management?

At My Pension Expert, we recommend investment portfolios that are discretionary managed. This means that we make our initial recommendation based on your individual circumstances, needs, objectives, and attitude to investment risk. Going forwards, as we’ve identified your risk profile, your fund manager can make changes to the portfolio within the defined boundaries of the risk profile without first gaining your express approval. This means that your money is managed on your behalf to make sure it continues to meet requirements going forwards.

Alternatively, with an advisory management service, once your investments are set up, should any changes to the portfolio be appropriate – for example to switch out of an underperforming investment or change asset allocation – then your express permission is required before the management firm can make the changes. This gives you more oversight of your investments, however it typically means that you need to play a more active role in the investment management process, and it can take longer to action changes recommended by your Independent Financial Adviser.