Recently we’ve been receiving many calls about Section 32 Buy Out Pensions.

What is a Section 32 Buy Out Pension?

Section 32 Buy Out Pensions appeared in the 1980s as part of changes to the Finance Act 1981. And in particular Section 32.

During this time you could also opt out (called “contracting out”) of Additional State Pensions.

Section 32 Buy Outs were often the default arrangement when a pensions scheme was winding up. Or if you left your job and therefore the associated workplace scheme. So you may have one somewhere even if you don’t remember opting in.

Why review a Section 32 Buy Out Pension?

We often find that people have never reviewed their Section 32 Buy Out pension and so it may be old and out of date. For this reason, you may discover that the arrangement no longer matches your attitude to risk or that the fund isn’t performing as well as you had hoped.

Also, many Section 32 Buy Outs have a very high level of Tax Free cash. If it does, it’s likely we will advise you to leave it where it is and not switch it. But without reviewing it you won’t know.

Today there are several options for your S32 whether you keep it, consolidate with your other pension, or even take out a cash lump sum. If you’ve got an old S32 please give us a call to have it reviewed. Across all our pensions, in about 7 out of every 10 cases, we can get you a better deal.We can even help you track down any S32 you may have lost track of.

We find you the best value pension

Our Pension Professionals track down all your pensions (including lost or missing ones), do a whole market comparison and then talk you through options. At the end of the 40 minute phone call, you can decide on your course of action, with no further obligation to Profile. If you choose to act and switch pension provider, we can take care of everything for you. We promise that there will be no pressure on you to switch.

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Over 11,000 customers have switched £470m of pension savings with us


Design Engineer, likes the outdoors and lives in Darlington.

The advisers are very knowledgeable and if you have questions they are unable to answer at the 
time they always come back in a short space of time. 
I would recommend Profile to anyone thinking of taking out a pension review.


Sonia lives with her husband and stepchildren in Buckinghamshire.

I was particularly impressed with how Profile fed back to me throughout. I have to say I was very happy with their service and how my adviser explained everything in a very straightforward way. He also didn’t put me under any pressure to make changes, so I felt comfortable and confident about trusting his recommendations when it came to transferring my pension.


A milkman from Barham, Suffolk.

Profile advised that I should switch my pension to LV because it had better long-term prospects. I decided to take their advice and move my pension and I’m glad that I did! Profits have climbed nicely since it was opened just a year ago. I’m very pleased!


An IT professional from London

The adviser gave me some of the information that I already knew and he supplemented that with current information about my pension performance, how that compared to the market, what the fees were and other plans and providers and what returns they were getting. I imagined that I’d be given a lot of facts of information, which I was, but in manageable chunks over the course of the call.


Davy works for the Prison Service and lives in Ayrshire.

The yearly updates that I receive from Profile are excellent and understandable. The decision to transfer my pensions via Profile was one of the best decisions that I have made and I wish I had taken the steps years ago.

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