Why transfer?
Information for employees and scheme members
As a member of your company pension scheme you’ll also have the option to transfer in any other pension savings you have (including ones from previous company schemes), so all of your benefits are together in one plan.
The benefits of transferring may include:
- lower charges
- increased investment options
- making it easier to review and control your pension benefits
- more flexible death benefits
- a larger tax-free lump sum when you retire
- more options at retirement
Before transferring it’s important you understand everything that’s involved, as there can be risks associated, for example:
- costs such as exit penalties
- loss of existing benefits and guarantees
- benefits and guarantees may not be replicated
- the value of your eventual benefits may be lower than if you remain in your existing plan
We recommend you get professional financial advice first as benefits can vary. The value of an investment and any income from it can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.
Next steps
If you would like more information you should talk to a financial adviser.
Contact us
Call us on:
0870 60 00 337
If you have a specific question about company or group pensions visit our contact pages.