INDIVIDUAL PERSONAL PENSION
What's involved in a transfer
If you're thinking about moving your other pensions into your Scottish Widows personal pension, you may be able to do this over the phone.
This section explains
- How we’ll help you decide if you should transfer
- Why we’ll check if you can transfer your pensions
- What happens during our transfer process.
How we’ll help you decide if you should transfer
Your existing pension may have benefits and features that you'd like to keep. Or you may decide to give these up when you transfer. When you call, we’ll tell you about these so you can work out what’s best for you.
Why we’ll check that we can accept your pensions
We accept most, but not all pensions. There are a few reasons for this so, when you call, we’ll ask you about your other pensions and let you know if a transfer is possible.
What happens next
Once we’ve checked these details and you’ve decided to go ahead, we’ll begin your transfer while you’re on the phone.
QUESTIONS WE'RE OFTEN ASKED
If you’ve read about pension transfers, you know what’s involved and have decided it’s right for you, you can apply to transfer.
As well as your Scottish Widows policy number, if you have one, you’ll need the following details for each of the pensions you want to transfer:
- The name of your provider
- Your member or policy number
- A recent transfer value
- Employers’ scheme name, if applicable.
These details are personal, so we can’t find these out for you.
Once we’ve received your pension transfer, you have the right to change your mind for 30 days.
If you decide to return your pension to your other provider, they may not accept it. You might have to set up a new pension with them. This may have different features and charges. You might even have to open a pension with a third provider.
If you change your mind within this 30-day period, contact us.