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 go ahead. This may help you to:
- Work out if you can transfer your pensions to us.
- Decide if you should transfer to us.
Keep a notepad to hand when you’re speaking to your other 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.
If you have a final salary pension (also known as a defined benefit scheme) you may be able to transfer to us. You won't be able to use our online service to do this. Instead, call us to talk about your options. We’ll explain what’s involved in a transfer and help you find an independent financial adviser.
If you’ve taken a tax-free lump sum or income from the pension you want to transfer, you may still be able to transfer to us just not using our online service. Instead, call us to talk about your options.
If your pension comes with guarantees, such as a Guaranteed Annuity Rate, Guaranteed Minimum Pension, Section 9(2B) rights or a Guaranteed Conversion Option, you can’t use our online service. Instead, call us to talk about your options. We’ll explain what’s involved in a transfer and help you find an independent financial adviser.
You can’t use our online service for these types of transfers. In these circumstances please call us.
If your pension is affected by a bankruptcy order, you can't use our online service. Instead, speak to your trustee in bankruptcy. You'll need to ask them to sign both the consent and a copy of the bankruptcy order. You can then call us to talk about your options and find out if you need to send us a copy.
If your pension is with a provider which is outside the UK, you may still be able to transfer to us. As you won’t be able to use our online service for this, call us to talk about your options.
- 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 valuable benefits and features.
- 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, terminal illness cover or waiver of premium.
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 go ahead.
What else you need to know
When you ask us to transfer your pension to us, you’ll need an up-to-date transfer value. It’s worth checking this with your provider today.
You should also ask if your other provider will charge you an exit fee when you move your pension to us.