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PENSION TRANSFER INFORMATION LIBRARY

        

What is a Pension Transfer?

A pension transfer is quite simply the transfer of your pension from one scheme or provider to another. By transferring your pension, you are closing your initial pension scheme.

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Why Would I Transfer my Pension?

There are many reasons why a person might want to transfer their pension. Common reasons include:

  • You have found a better deal from a new pension provider (lower fees, better service)
  • You have many pension schemes (former employers, a period of self employment, etc) and want to gather them all into one manageable place

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Can I Transfer my Pension into Cash?

You cannot make a pension transfer from your pension into cash. You can only transfer your pension from one pension to another pension. You cannot take the money out of your pension until you reach retirement.

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How Much does a Pension Transfer Cost?

This depends largely on the pension transfer service you use. In some cases you may be charged a fee for carrying out a pension transfer. The fee may be calculated as a percentage of your transfer so make sure you thoroughly check what fees/transfer costs there may be before you apply for a pension transfer.

Compare services carefully to see who is offering the best service. You may have found a new pension provider but the transfer costs could outweigh the value saved - if necessary seek independent financial advice.

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Can I Transfer State Pension Benefits?

No, it is not possible to transfer from a state pension. Here are other the types of pensions that cannot be transferred:

  • Public sector pensions that you exited before 1st January 1986 cannot be transferred
  • Anyone who is within one year of reaching their pension's retirement age cannot transfer
  • If you hold a final salary pension scheme (which rises in line with inflation) you cannot transfer

        


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