- I'm a UK tax payer and live in the UK
- I'm under 75
- I'm transferring pensions that amount to £10,000 or more.
I understand what combining online means
- I've read the key features
- It's my decision to do this online
- I know that this service doesn't include financial advice.
I've considered what I may be giving up
- I've read 'Can I do it?' and 'Is it right for me?'
- It's my responsibility to find out whether my previous pensions have valuable benefits I could lose if I transfer them
- My employer is NOT currently paying into the pension I want to transfer
The pension I want to transfer is NOT:
- a defined benefit pension (often known as a 'final salary' or 'career average revalued earnings (CARE)' pension)If your pension will have a guaranteed income based on the number of years you have been part of the scheme, we can't accept this. Ask your employer or scheme trustees if this applies to your pension.
one with guarantees that Scottish Widows can't accept
These are guarantees or 'rights' for what you'll receive when you retire. We cannot accept pensions with these features. Ask your provider if these apply to your pension.
A guarantee might be known as a 'Guaranteed Annuity Rate', a 'Guaranteed Conversion Option', a 'Guaranteed Minimum Pension' or 'Section 9(2B) Rights'.
- part of a block transferThis means it's being moved along with other people's pensions to keep various features intact, for example, to protect early retirement age. This only applies to workplace pensions. Ask your employer or scheme trustees if this applies to your pension.
- the result of a pension sharing order In other words, you became entitled to the pension as part of your divorce settlement.
- taking an income from the pension I'm looking to transfer
- transferring a pension from outside the UK
- transferring just part of a pension plan, I'm transferring the whole thing.
I understand what will happen once the transfer starts
- My previous pensions won't exist anymore
- Scottish Widows won't charge me to transfer. But my previous provider may take a fee (known as an 'exit penalty').These are the charges from your existing provider for transferring to us. If your pension is in a with-profits fund, you might be charged and you may lose guarantees or bonuses. Also, it may reduce in value. This is known as a market value reduction.
I have the right to change my mind
- If I want to change my mind about transferring my pension, I'll tell Scottish Widows within 30 days of receiving my confirmation documents in the post. Scottish Widows will have to return my pensions to my previous providers
- I understand that my previous providers don't have to accept my pensions back and I may have to set up a new policy with a provider of my choice.
If I'm transferring a Lloyds Banking Group pensionThis means any Clerical Medical, Halifax, Lloyds or Scottish Widows pension. All of these brands are part of Lloyds Banking Group. If you're not sure, you can contact us.
- The value of my plan is taken from the date I submit (or confirm) the transfer request
- I understand that if my pension has protected tax-free cash and (or) a protected retirement age, I'll lose these benefits. Scottish Widows will get in touch with me to confirm I want to go ahead and will not process the transfer until I do.
I have my details ready
For each pension I want to transfer, I have to hand the:
- Policy number
- Pension provider's name
- Scheme name (if it's a workplace pension)
- Transfer value.