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These are used as one option when seeking to transfer benefits from an old employers scheme to your own pension.
In effect you get a lump sum invested, and a pension that will depend on how well the fund does.
There are often however guarantees of at least a minimum pension, and certain constraints may be imposed relating to the benefits accrued under your old employers scheme.
It is an area in which advice is essential.
Try out the Pension Audit and Single and Monthly Premium Calculator to see how the numbers stack up.
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