How Long Do Pension Transfers Take?
How long pension transfers take is a particularly interesting question.
Unfortunately, in the last three years, pension transfers have taken quite some time to go through. We do tend to find that clients who are transferring SIPP into SSAS pensions, tend to complete their transfers a little bit faster than other schemes into SSAS.
Unfortunately, with most insurance companies that hold personal pensions or nest contracts, transferring the pension to a SSAS can be anywhere between three and four months. This is usually because insurance companies go through a very rigorous process to make sure the transfer is bonafide.
They will ask you a number of questions and may even want to interview you on the telephone to make sure that you are not being scammed by the person you are transferring to. So, despite things taking a little while, your long-term interests are being protected which is of the utmost importance.
Ultimately, despite the long transfer times, once you’ve got your pension into a SSAS, it’s done. SSAS is the ultimate pension vehicle (discover the benefits of SSAS) and the range of options inside SSAS are considerably more than with any other pension.
We also find that a lot of people like to consolidate their pensions into SSAS because it’s easier to manage. Therefore, they can understand very quickly how much they’ve got in their retirement savings account and how much to contribute to SSAS each year to make sure they’ve got sufficient income in retirement.
Transfer to a SSAS Pension Scheme Today
If you’re interested in transferring your current pension(s) into a SSAS, book a call with a member of our team and get started today. We’d love to share the benefits of SSAS with you and get you started on your retirement planning journey.
Discover more information in our SSAS Video Hub.
