|What is this?
Advising on pension transfers and pension switches can be a complex area. It's important to first understand the distinction between these two areas:
- Pension transfer, in simple terms refers to a transfer of benefits from an occupational pension to a personal pension (includes SIPPs and stakeholder pensions)
- Pension switch, is a transfer of benefits from one personal pension to another
Depending on the types of pensions and benefits being transferred, different requirements will apply, in terms of required regulatory permissions and approval of advice being given.