Check for pitfalls

Checking for special terms in the policy: This is an important step, as many pension plans can include special terms or conditions that may not be immediately apparent. It's essential to review the policy carefully to identify any potential pitfalls that could impact the value of the pension.

Checking for Guaranteed Annuity Rates (GAR's): This is another key area to consider, as GAR's can provide a valuable benefit that may be overlooked or misunderstood. It's important to review the policy to identify any GAR's and determine whether they can be leveraged to provide a better rate.

Checking for Guaranteed Minimum Pension (GMP): GMP's can be a valuable feature of a pension plan, as they provide a guaranteed level of income at a specific age. It's important to review the policy to understand the terms of the GMP and how it can be leveraged to maximise the benefits of the pension.

Checking for transfer penalties or Market Value Reductions (MVR): This is another important area to consider, as transfer penalties or MVR's can impact the value of the pension fund and reduce the amount available to purchase an annuity. It's important to review the policy to understand any potential penalties or reductions and determine the best course of action.