Frequently Asked Questions

We know that pensions can be difficult to understand so we have detailed some of the most frequently asked questions below:
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
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Transferring out of a Defined Benefit/Final Salary scheme is unlikely to be in the best interests of most people.
Past performance should not be regarded as a guide to future performance.
Tax treatment varies according to individual circumstances and is subject to change.
We know that pensions can be difficult to understand so we have detailed some of the most frequently asked questions below:

How much will this service cost?

Our Pension Tracing Service is FREE of charge and holds no obligations. This means that you can apply and we will do the work for you, without the worry of costs.

Why trace a pension?

There are a few reasons why you should trace your pension through our Pension Tracing Service, mainly for the following reasons:
-To find any missing pension pots that would benefit your retirement 
-To see if your pensions are performing or under-performing 
-To see if the pension is invested in the right funds according to your attitude to risk

How does our service differ from the Department of Work and Pensions (DWP)?

The Department of Work and Pensions also offers a free pension tracing service, where you can search by employer or a pension provider in order to obtain contact details. Although this service is free, we’re able to take additional steps in the process by offering added services such as retrieving valuations, providing initial consultations, reviewing your current arrangements and providing financial advice if you should wish to proceed with any recommendations.

My pension has been located - what happens next?

Once we have found your pensions, we compile all the information into your own personal pension statement. We then get our pension agents to get in contact and arrange a time that is most convenient to yourself, for a qualified pension adviser to discuss your information in more detail and go through any questions you may have. The qualified pension adviser will also be able to tell you what would be the recommended next step based on a number of things such as your attitude to risk and whether your current pension is performing well or not.

What about the State Pension?

We offer advice and have expertise in with most pension types. When it comes to the state pension, we believe that its better to talk direct with the source.

What is a pension transfer?

A pension transfer involves moving your pension savings from one provider or scheme to another. This can be done to consolidate pensions, seek better investment options, or reduce fees.

What are the benefits of transferring my pension?

Benefits of a pension transfer include potential lower fees, better and wider investment choices, access to Flexi Access Drawdown, and the convenience of managing fewer accounts.

Are there any risks involved in transferring my pension?

Yes there are risks to transferring a pension. Risks can include potential loss of guaranteed benefits, transfer fees, or penalties, and the possibility of lower returns with a new provider. It's crucial to get financial advice before transferring.

What does pension consolidation mean?

Pension consolidation refers to combining multiple pension pots into a single scheme. This can simplify management and potentially reduce costs associated with maintaining multiple accounts.

What are the advantages of consolidating my pensions?

Advantages of consolidating your pensions include easier management, reduced paperwork, potentially lower fees, and a clearer view of your retirement savings. Consolidation can also help you optimize investment strategies.

What is a pension review?

A pension review is a comprehensive assessment of your pension plans, including their performance, fees, and alignment with your retirement goals. It helps ensure you're on track to meet your retirement needs.

How often should I review my pension?

It's advisable to review your pension at least annually or whenever there's a significant life event, like a job change, marriage, or approaching retirement. Regular reviews help you adjust contributions and investment strategies as needed.

What should I consider during a pension review?

During a pension review, consider your retirement goals, current fund performance, fees, investment options, risk tolerance, and whether your current plan aligns with your financial situation and retirement timeline.

What is pension drawdown?

Pension drawdown allows you to withdraw money from your pension pot while leaving the rest invested. You can take income as needed, which offers flexibility compared to traditional annuities.

How does a pension drawdown work?

In a pension drawdown, you can usually withdraw up to 25% of your pension pot tax-free. The remaining funds stay invested, and you can take income or lump sums from it, but these withdrawals are potentially subject to income tax.

What are the risks of pension drawdown?

The main risks include the potential for your investments to decrease in value, outliving your savings, and fluctuating income due to market conditions. It's important to have a well-thought-out withdrawal strategy and consider consulting a financial advisor.

What is a pension annuity?

A pension annuity is a financial product that provides a regular income for life or a set period, purchased with a portion or all of your pension savings. It's a way to secure a steady income in retirement.

What types of pension annuities are available? Types of pension annuities include:

Fixed Annuities: Provide a guaranteed, fixed income.
Variable Annuities: Payments vary based on investment performance.
Indexed Annuities: Payments increase with a measure of inflation.
Joint Annuities: Continue payments to a spouse or partner after the policyholder's death.

How is the income from a pension annuity calculated?

The income from a pension annuity is calculated based on factors like your age, gender, the amount used to purchase the annuity, and the type of annuity chosen. Health and lifestyle factors can also influence the income amount, along with interest rates.

Our Pension Specialist Advisers

  • ALEX HUDSON

    Financial Planner

    CHARLES BOYD

    Financial Planner
    Chris Milczarek

    CHRIS MILCZAREK

    Financial Planner

    DEAN FERMIE

    Financial Planner

  • DANIEL PYLE

    Financial Planner

    JAMES BLACK

    Chartered Financial Planner

    JAMES GRANT

    Financial Adviser

    LIDIA HOSSELL

    Financial Planner

  • MIKE SMITH

    Financial Planner

    PAUL JANES

    Director

    TREVOR WALLBRIDGE

    Financial Adviser

    WILL ASHLEY

    Financial Planner
Looking for a Pension Specialist Financial Adviser near you? 
Contact us today to schedule a free initial appointment to discuss your pensions options!
Transferring out of a defined benefit/ final salary pension is unlikely to be in the best interest of most people.

Why Choose Us?

Experienced Advisers: Our team brings a wealth of experience and knowledge, ensuring you receive advice that is most appropriate for your needs.
Tailored Solutions: We recognise that every client's needs are different, and we offer solutions that are customised to suit your unique situation.
Proven Track Record: Our clients trust us for our commitment to excellence and the successful outcomes we've achieved.
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Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited August 2024

Disclaimer

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Beals Wealth Management and Pension-Tracing-Service-UK.co.uk are trading styles of Beals Mortgage and Financial Services Ltd, an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority. Beals Mortgage and Financial Services Ltd is registered in England and Wales, No: 08286166. Registered Address: Unit 1 Fulcrum 2 Solent Way, Whiteley, Fareham, PO15 7FN

Auto enrolment, Taxation Advice including Inheritance Tax Planning, Estate Planning and Pension Tracing are not regulated by the Financial Conduct Authority.
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