BENEFITS AND FEATURES
Should you 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. We’ll tell you about these so you can work out what’s best for you.
This section explains
- How to find out which benefits and features you have
- How to decide if these are valuable to you
- What to do if you’re not sure.
How to find out what you have
Some of your existing pensions’ benefits and features might be valuable. If you transfer to us, you’ll give these up. So, it's worth checking before you apply.
You can find out which benefits and features you have by checking your policy documents. You can also speak to your other providers.
- A protected tax-free lump sum. You can normally take 25% of your pension as a tax-free lump sum. This benefit allows you to take more than 25%.
- Protected pension age. This gives you the right to access your pension before the age of 55 (increasing to 57 in 2028). There may be exceptions to this, for more information see the benefits and features.
- Fund guarantees or bonuses. These can include a guaranteed growth or bonus rate, a loyalty bonus or a fund bonus.
- Protection. This can include life cover, terminal illness cover or waiver of premium.
You can find out more about these benefits and features in our guides section.
Check for payments
If you, or someone other than you, is still paying into the pension you plan to transfer, you can use our online process.
These payments can be valuable. So, it’s worth checking what would happen to these before you decide to transfer to us.
How we can help
If you’d like to find out more about your pension with us, call us or visit us online.
If you’d like to find out more about pension transfers, get in touch. Our contact details can be found on your scheme infosite.
Questions we're often asked
As one of the largest pension providers in the UK, we've been helping people to save for the future for over 200 years.
We’re also part of a group which includes well-known brands such as Lloyds Bank, Bank of Scotland and Halifax.
Some of your pensions might have extras which may be worth holding onto. These benefits and features can be valuable to you for many reasons, such as:
- They may protect you for life events, should the worst happen
- They may include a bonus or guaranteed growth rates
- Some, such as a protected tax-free lump sum or protected pension age, mean you have more choice about how and when you take your pension.
As you won’t, in most cases, be able to replace these benefits when you transfer, check your pensions for these features before you ask us to go ahead. If you have these, call us to talk about your options.
Read our guide to find out more.