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)
- Money purchase occupational pension scheme (unless you have 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 is not 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.
If you're unsure whether this is right for you or need advice, please speak to a financial adviser.
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 wouldn'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 when it's invested.
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 if you're required to complete paperwork.
Your pension will be transferred in cash. While your pension is not invested, you won't make any investment losses or gains. This may not work in your favour.