About your pension transfer
What can I transfer?
All transfers must be paid in cash. We only accept transfers from:
- personal pension (group, individual and self-invested);
- stakeholder (group and individual), or
- money purchase occupational pension scheme (unless you've a fixed or guaranteed benefit).
Important things to consider
There are some important things you need to think about when you're considering transferring a pension. Please read the following carefully. This list isn't exhaustive.
Transferring or investing your pension may not be the best option for you, you should compare the benefits from your current pension with the estimated benefits of your new pension, including any guarantees and penalties.
It’s important to remember the value of your consolidated pension pot can still fall as well as rise and the final value of your pension pot when you come to take benefits may be less than has been paid in.
Any new funds you move your money into will have their own set of risks that will be detailed in the fund information available to you.
If you're unsure whether this is right for you or need advice, please speak to a financial adviser. There may be a charge for this.
By transferring your pension:
- You could lose valuable features and benefits you may have under your current plan (such as guarantees, any self-investment option, waiver of contribution or life assurance benefit), and may lose protections (such as tax-free cash or low pension age protection).
- You may incur a surrender charge under your current plan, and the charges under the pension plan you're transferring to may be higher than those you currently pay – you should make sure you're satisfied that any higher charges are justified.
- Trusts and expressions of wish won't carry over to the pension plan you're transferring to.
- There's no guarantee funds you choose will perform better than investments under your current plan and your final pension benefits may be less than you would have received if you’d stayed in your existing scheme.
Ready to transfer?
First, complete the application online, it's quick and easy.
- We contact your existing provider for you (we'll tell you if you need to complete paperwork for us to do this).
- Your existing provider makes the transfer and we send you confirmation once we invest it.
The process normally takes between two and four weeks. It can be a bit longer dependent upon the type of assets you're invested in, the timescales of your current provider and need to complete paperwork.
Your pension transfer will be in cash. While your pension isn't invested, you won't make any investment losses or gains. This may not work in your favour.