Terms and conditions: Pension consolidation cashback offer

These terms apply to the offer of receiving cashback when you transfer retirement savings of £5,000 or more into an Aegon Retirement Choices (ARC) Self Invested Personal Pension (SIPP). By agreeing to this offer you agree to be bound by the following terms and conditions:

  1. The promoter is Aegon UK plc, Edinburgh Park, Edinburgh EH12 9SE (‘Aegon UK’).
  2. This offer is open to UK residents aged 18 years or over, who have an ARC SIPP managed by Mercer Elect.
  3. To be eligible to receive the cashback offer:
    • You must transfer retirement savings worth £5,000 or more into an ARC SIPP between 2 December 2016 and 12:00 hours on 5 April 2017. This may be done in the following ways:
      • by completing a transfer application online, using the Retiready service; or
      • through your financial adviser
    • You must input your bank account details to your Retiready account;
    • The transfer value must be received by 12:00 on 5 April 2017;
    • The transfer value received into an ARC SIPP must be £5,000 or more; and
    • Your transfer value must remain in your ARC SIPP for a period of at least 12 months following completion of your transfer.
  4. The amount of cashback payable is subject to the value transferred into an ARC SIPP, as follows:

    Transfer amount Cashback value
    £5000 - £19,999 £20
    £20,000 - £49,999 £75
    £50,000 - £99,999 £100
    £100,000 - £124,999 £250
    £125,000 or more £500
  5. Transfers from an existing Aegon/Scottish Equitable plc policy will not count towards the threshold.
  6. This offer excludes assets currently held in an ARC SIPP that are transferred to another provider and then moved back to an ARC SIPP.
  7. You can make an application to transfer into your ARC SIPP online using the Retiready service or through your financial adviser.
  8. Transfers to an ARC SIPP can be made from the following types of pensions: Personal Pension (Group, individual and self-invested), Stakeholder (Group and individual) and Money purchase occupational pension scheme (unless you have a fixed or guaranteed benefit). The ARC SIPP can only accept transfers from defined benefit pension schemes (often called 'final salary' pension schemes) through a financial adviser.
  9. If you make the transfer instruction yourself, you should be comfortable making your own investment decisions without advice. Transferring may not be the best option for you, you should compare the benefits from your current pension with the estimated benefits of your new pension, including any guarantees and penalties.
  10. The terms that will apply to your ARC SIPP can be found in your document store on ARC.
  11. Only one cashback payment will be made per applicant.
  12. Any decision to transfer should not be based on the potential cashback payment.
  13. Payment of the cashback amount will be by BACS payment into your bank account, 12 months after completion of your pension transfer, subject to your transfer value remaining in your ARC SIPP during this period.
  14. Aegon UK won't be liable if the cashback doesn't reach you for any reason outside the control of Aegon UK.
  15. Aegon UK can't accept any liability (other than for liabilities that can't as a matter of law, be excluded) for any damage, loss, costs, expenses or disappointment, whether direct, indirect, caused to, or suffered in connection with this promotion.
  16. This offer must be taken as stated and cannot be deferred. There will be no alternatives. Aegon UK reserves the right to cancel this promotion at any stage, or change any of the rules or procedures if it deems this necessary, or if circumstances arise outside its control.
  17. This offer is not valid in conjunction with any other offer from the Aegon UK group.