We will only pay your transfer value to a pension arrangement that is registered with HM Revenue & Customs (HMRC) or one that is a suitably approved Recognised Overseas Pension Scheme (ROPS).
Pension scams are a real threat when considering a pension transfer. You must be satisfied that the pension arrangement that you are thinking of transferring to is legitimate, has appropriate investments, fair costs and does not show any signs of being a potential fraud or scam. Otherwise you risk losing your money and/or you may incur a significant tax bill.
It is important to check the benefits that your receiving scheme will give you, as they will not be the same as the pension benefits from your policy that you will be giving up and you cannot change your mind once Rothesay has paid the transfer value to your receiving scheme. If you transfer, you will lose the regular and predictable retirement income for life that your annuity policy gives you and any dependants.
If you transfer to a defined contribution pension arrangement, you will have a pot of money that you will need to invest in order to provide the future benefits you and your family require. You will need to select and manage your investments and consider the initial and ongoing fees the new provider and adviser will charge you, to be sure your new pension will meet your future income needs.