Saving in a Pension  

What can I transfer?

We only accept transfers from:

• Personal Pension plans (group, individual and self-invested)
• Stakeholder Pension plans ( group and indvidual)
• Money purchase occupational pension scheme (unless you have a fixed or guaranteed benefit)
• In some circumstances Aegon is able to process transfers as re-registrations. For more information see our guide. This type of transfer is processed through our ARC portal, learn more here on how to get access to ARC.

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. This information is to help you make your own assessment and to decide if transferring is the right option for you. If you're not sure what's best for you, you should seek financial advice. There may be a charge for this.

By transferring your pension:

• You would 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)
• Your pension will be transferred in cash, unless it is re-registered, so while it’s not invested, you won’t make any investment losses or gains. This might not work in your favour.
• Any trust or expression of wish that you've already set up won’t carry over to the pension plan you're transferring to.
• There’s no guarantee that funds will perform better than investments under your current plan. Your final benefits may be less than you would have received if you’d stayed in your existing scheme.

In most circumstances, you can currently access your pension benefits from age 55. However, the Government is increasing the minimum pension age at which you can generally access your pension benefits to age 57 from 6 April 2028. The Government has been consulting on the details of how to introduce this change. It provided feedback and some draft legislation in July which can be found on the Government website. This may mean that even after 5 April 2028 some individuals in certain schemes may still be able to take some benefits from between ages 55 and 57 although this could be affected if they transfer to certain other schemes. At this stage, the details remain unclear and the Government could make changes before finalising. 

If being able to access your pension from age 55 rather than 57 is important to you, please consider seeking financial advice before consolidating your pensions, to ensure it is the right thing for your circumstances and plans.

How to transfer your Pension

1. Firstly, complete the online application, it's quick and easy.
2. We'll contact your existing provider for you (we'll tell you if you need to complete paperwork for us to do this).
3. We’ll send you confirmation when your existing provider makes the transfer and we’ve invested it.

The transfer process normally takes up to 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.

If you're including a transfer you'll need:

• details of your current provider and the plan number you want to transfer
• the current transfer value (your latest statement should show this)
• the type of pension that you want to transfer