YOUR TRANSFER CHECKLIST
How to check your pensions
You can transfer most, but not all pensions to us online. Here, we help you know which questions to ask your providers before you apply. This may help you to:
- Work out if you can transfer your pensions to Scottish Widows
- Decide if you should transfer to us.
Keep a notepad to hand when you’re speaking to your providers. This will allow you to capture their answers to your questions as you go. You could also print off a copy of our helpful checklist.
Download our checklist (Doc, 39KB)
Let’s see if you can transfer to us
If your pension comes with guarantees, such as a Guaranteed Annuity Rate, Section 9(2B) rights or a Guaranteed Conversion Option, you can’t transfer these to us online. If you’d like to talk to an independent financial adviser about your options, visit our find an adviser page.
You can transfer your pension to us online if it:
- relates to a pension credit awarded to you as part of a pension sharing order
- originated in whole or part from a pension credit awarded to you previously following the implementation of a pension sharing order.
- has already been reduced as result of the implementation of a pension sharing order.
But not if it has been, or will be, set up using ‘disqualifying’ pension credits from a sharing order i.e. the order applied to a pension which was already in payment or income drawdown.
If you’d like to talk to an independent financial adviser about your options, visit our find an adviser page.
- Great news! From the details you’ve given us, it looks like you can apply to transfer your pensions to us online.
Check if you should decide to transfer
Next, ask if your pension has any benefits and features. You’ll give these up when you transfer. So, it's worth checking if you have them and if they’re valuable to you before you apply.
- Do you have a pension with protected benefits? This may be a protected tax-free cash lump sum and protected pension age.
- Does your pension come with other valuable benefits? These could be a guaranteed growth or bonus rate, loyalty bonus or a fund bonus.
- Is your pension invested in a with-profit fund?
- Does your pension have protections? This could be life cover, critical illness cover or waiver of premium.
What else you need to know
When you apply to transfer your pension to Scottish Widows, you’ll need an up-to-date transfer value. It’s worth checking this with your provider today.
You can also check if your other provider will charge you an exit fee when you move your pension to us.