Pensions are long terms investments. It’s important that you know the value of your investment could go up as well as down. You could get back less than you put in.
Your current pension might have special benefits that will be lost if you transfer to Pension App. These special benefits include: Guaranteed Annuity Rate (GAR), Guaranteed Bonus Rate (GBR), Guaranteed Minimum Pension (GMP) and Protected Tax Free Cash (PFTC) over 25%, you should check with your existing provider regarding exit fees or special benefits. Your current provider might charge you a transfer-fee to transfer your pension to Pension App. If this is over 2%, we will contact you prior to the transfer being arranged, as you may be better off not transferring.
You should consider the charges and benefits before transferring your old pensions to your new plan and consider whether the risk and reward profile of the investments offered matches your needs. It may be that your current provider has lower fees than Pension App - where this is the case, we recommend that you carefully consider whether to transfer your pension to Pension App, as you may be better off not transferring in these cases. If in doubt, you should contact your existing providers to check whether there are any exit penalties or safeguarded benefits, along with the costs and charges associated with your current scheme(s) prior to the transfer. Pension App does not provide financial advice so please be sure that this investment is right for you. If you are in any doubt about proceeding, you should contact a financial adviser.
