Carve a new path for your pension
If you have any existing benefits in an occupational pension scheme you can leave them in your occupational pension scheme or transfer them to a personal arrangement such as a section 32 plan.
If you decide to transfer to a section 32 plan, the Trustees of your existing occupational pension purchase the plan for you. The plan is issued in your name and you, with advice from your Financial Adviser, control the investments and decide how and when to take your benefits, subject to HM Revenue & Customs (HMRC) rules.
By saving for retirement through The Section 32 or The Self-invested Section 32 you can build up a fund that will provide you with benefits in retirement.
It is important to be aware that by transferring to a section 32 you are giving up all your benefits within the occupational pension scheme. This may include discretionary or guaranteed benefits and discretionary or guaranteed increases in your final benefits. In addition, in some circumstances you may receive a lower tax free lump sum. Professional advice should be sought before making any decision to transfer.
If you transfer to a section 32 plan, the size of your pension fund and the benefits it provides in retirement will partly depend on the investments you choose. When deciding where to invest you should bear in mind that the value of funds can go down as well as up, and the benefits you receive may be worth less than those you would have received from your occupational pension scheme.
Independence
Your benefits are no longer linked to your employer. Transferring to a section 32 plan puts you and your chosen Financial Adviser in control of your retirement planning.
Contribution flexibility
Once we have received the transfer from your occupational pension scheme, you, your employer or a third party can make single or regular contributions to your pension plan and stop, increase, or decrease payments without penalty.
We do not impose a minimum contribution limit, so you can choose how much to invest, subject to your contributions being tax relievable.
Investment flexibility
By transferring to Winterthur's section 32 plans you can access the Tailored Selection and Elite Fund of Funds Range. The Self-invested Section 32 also offers access to a broader range of permitted investments.
It is simple to switch between plans, so you can select the most appropriate level of investment sophistication for your retirement objectives.
Retirement flexibility
Winterthur has a range of options providing you with flexibility over how and when you take your benefits.
You do not need to decide how you wish to take your benefits until you are ready to take them, subject to HMRC rules.
You cannot access your benefits until age 50 (age 55 if you have not taken your benefits by 6 April 2010).
Transparency
Clear and transparent charging structures, with no penalties if you choose to vary contributions, retire early or transfer to another provider, although you may incur charges from the receiving scheme if you transfer.
For more information contact your Financial Adviser or find a Financial Adviser in your area.
