Everything you need to know about transferring your pension from one scheme to another.
Transferring your pension allows to you move the pension savings you’ve built in your defined contribution pension pot into another. Your pension provider will be able to give you a transfer value for the savings you’ve built up. Find out more about consolidating your pensions.
Pension transfer also allows you to move your defined benefit pension in to a defined contribution pension. To do this you will need to request a cash equivalent transfer value from your provider.
Moving your savings from one provider to another may mean you lose any additional benefits, so it’s important to get guidance or advice before making a decision.
If you're able to transfer out of your defined benefit scheme and this involves a cash equivalent transfer value of £30,000 or over, you'll be required to get regulated financial advice first.
Most companies will allow you to transfer out your pension savings, but there are associated advantages and disadvantages to this approach.
We recommend you seek pension advice if you’re considering transferring your defined benefit pension. A pension specialist will:
If advice isn't for you, Pension wise offer pension guidance which can help you find out what you can do with your pension pot, how to shop around and what to look out for with taxes and fees. It is available to anyone over age 50 with a defined contribution pension.
You can talk to someone over the phone or face to face.
For more information visit www.pensionwise.gov.uk or call them on 0800 138 3944.