Transferring your pension

Find answers to our most frequently asked questions about transferring your pension.

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Transferring in your pension

Yes, but you must do this within 12 months of first joining your scheme.

When you join the scheme, you’ll receive a welcome pack, which includes a form for transferring your previous pensions. You’ll need to complete this form, which allows you to contact your previous pension provider.

If your previous pension is eligible to transfer, we’ll send you a quote explaining how much additional pension you would receive.

If you want to go ahead, you then need to sign another form accepting the offer.

Having your pensions in one place can make it easier to manage them (but it may not always be in your best interests). To fully understand your options, you’re always better speaking to an independent financial advisor.

Combining your pensions

Yes, if you’ve built up a similar pension in a previous role you may be able to combine them. Please be aware:

  • If you built up service after 1 April 2014, we will usually write to you if this option is available.
  • If you have built up service before 31 March 2014, you will need to send us a request within 12 months of first joining your scheme.

You’ll need to let us know so we can send you the relevant information and forms to complete.

Your benefits could increase by doing this, but we won’t know until we’ve done the calculations. It’s still important to get independent financial advice before making a decision.

Every situation is different, so it’s important that you speak to an independent financial advisor before making any decisions.

Transferring out your pension

Yes, you can transfer your pension if you are eligible and the scheme proves to be legitimate, but there are restrictions. For example, depending on your scheme, you may only be able to transfer to another defined benefit scheme.

We will carry out checks to make sure the new scheme is legitimate. But it’s also important that you get some independent financial advice before you make any decisions.

You’ll need to contact us so we can send you the relevant information and forms to complete and tell you what you need to do.

It depends on the scheme. It’s important that you speak to an independent financial advisor before making a decision to transfer your pension (this is mandatory if the cash equivalent value of your pension is greater than £30,000).

Yes, you can if you’re eligible and the scheme proves to be legitimate. If you’re transferring to an overseas pension scheme, we are likely to require additional documentation and checks, so it may take a little longer. Again, we’ll keep you fully updated along the way.

You need to be confident that the pension you’re transferring to is reputable and safe. We’ll send you forms to complete to make sure there are no red flags, but there are things you can do too.

To learn more, visit the Pension Regulator’s Avoid pension scams page about what to look out for.

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