Is switching your pension provider the right thing to do?

Have you recently reviewed and switched your energy supplier, maybe your broadband, telephone networks or perhaps your insurance providers? How about your pension?

More and more people are reviewing their pension pots and switching their investments to an alternative pension provider. Though it can appear daunting at first, there are some very good reasons why it may be in your best interests to switch your pension to a new product and provider.

Is it time to get your pension ducks in a row?

Here are some of the more common reasons people decide to look into switching pensions:

  1. You may have had a varied career and now find you have a number of pensions dotted around with a number of providers. By combining your various pensions you may be able to simplify things considerably in terms of having a clearer picture of your investments and what you can expect in retirement. You may have less paperwork to contend with which is always a good thing and you may also enjoy paying less fees.
  2. You could be paying very high fees for your pension. Many people switch their pension provider in order to simply pay less fees.
  3. You might have become aware that your current pension isn’t seeing the growth that other pension products are experiencing. By switching your pension to a new product you could generate a higher income from your investment in retirement.
  4. Your pension may not be within an actively managed fund. If your investments aren’t actually managed and reviewed annually, then it is important to get it reviewed to check that your pension pot is meeting your growth expectations.
  5. Your circumstances may have changed and now you may need greater flexibility from your current pension provider. Some pension providers are restricted in terms of the options they are able to offer you. If they cannot offer you the option you need then it is time to switch in order to give you more choice.

Before taking any steps towards switching your pension it is essential that you consult with an independent pension expert about any potential risks such as losing a guaranteed annuity rate.

Why don’t some people switch pensions?

Many people have doubts and concerns about whether their current pension is going to leave them worse off or not in retirement. Naturally, they think about switching their pension, but in the end don’t do so because perhaps they think it is too much trouble, too complicated or confusing and possibly expensive.

True, trying to make sense of all the options available to you and understanding the risks involved can leave you with a headache. It is no wonder that some people do not switch their pensions when faced with so much information!

The good news is that an independent financial advisor will do all the hard graft for you. For instance, John Tamblin Financial Services would do all the research and then present you with the best options.


John says, “It is always important to carry out a review of your current product and retirement goals. Once we have established your objectives and attitude to risk, I can compare various schemes from the entire marketplace and identify the most suitable pension product that meets your personal circumstances. I will also check to see if there are any restrictions or associated transfer fees.

Finally, if we do recommend that you switch, then I’ll sort all the paperwork out and manage the transfer of funds to your new pension. After that we’ll review your pension every year to make sure it is on track to meet your retirement goals“.

Getting in touch with John Tamblin

For a no-obligation and independent discussion about your retirement plans you may contact John via the form on the website or email him ( The best way to contact him would be to phone him directly on 07880 795710.

John is based in Kendal and advises clients about their pensions across Cumbria and north Lancashire.