If you’ve worked for several employers, it’s likely you’ll have several pensions. You may be able to transfer your other pensions to The People’s Pension. By consolidating all your other pensions, the charges that you pay may be lower.
Transferring in to The People’s Pension is simple – all you need to do is give us the details and we’ll help you do the rest.
- We’ll contact your existing pension provider
- We’ll request the relevant forms from the provider
- We’ll make arrangements to ensure your benefits are transferred
- We’ll contact you and let you know once the transfer is complete.
You may like a personalised illustration before you transfer. Although we don’t give financial advice, we’ll be happy to do everything we can to help you.
Find out how to transfer, what you should consider before transferring and more on our webpage about pension transfers.
Important things to consider
The Trustee of The People’s Pension and B & C E Financial Services Limited (who administer the scheme) are not able to offer advice on whether or not you should transfer. Transferring may not be suitable or available for everyone. Whether it’s right for you will depend on many factors such as:
- personal circumstances
- the nature of your other pension arrangements,
- if you’re planning to access your pension savings in the next five years
- whether you could be giving up a guaranteed benefit – such as guaranteed annuity rates
- the cost of transferring or whether the provider you’re transferring from applies a charge (fund or contract charge). B&CE doesn’t apply a charge for transferring into or out of The People’s Pension Scheme.
If you’re transferring your funds out of an occupational or company pension scheme this may be more complex than transferring a personal pension, especially if it’s a ‘defined benefit’ scheme. We recommend you read the Money Advice Service’s information on transferring out of a defined benefit pension scheme before obtaining financial advice and making a decision.
If you’re unsure about transferring, we recommend you speak to a financial adviser. To find your nearest adviser, you can visit www.unbiased.co.uk.