Yes. It’s possible to transfer your pension savings you have with us to another registered pension scheme. The information below tells you the steps to follow to transfer your pension savings with The People’s Pension to another pension scheme.
Firstly, because of the coronavirus outbreak, The Financial Conduct Authority has put together some important information on their website. We’d recommend you read this before making any decisions at the moment.
Things to think about before moving your pension
Moving your pension could mean you’re missing out on:
- our award-winning scheme,
- a UK based contact centre on-hand with straightforward, plain-English support,
- and a potential rebate on your management charge.
It’s always a good idea to compare any charges and benefits before deciding. Find out more about our member annual management charge.
We don’t charge for transfers, but your other pension scheme might.
How to start your transfer
If you do want to transfer to another provider, it’s really simple to get started.
- Firstly, you’ll need your policy number handy – this can be found alongside your pension balance in your Online Account. Get started by setting up or logging in to your Online Account.
- Next, get in touch with the pension scheme provider you want to transfer to and check if they use Origo Options. This is an electronic system which makes transferring quicker and easier for you.
- The provider you’re transferring to will tell you what to do next.
- Whilst your transfer is progressing, we may need you to complete ID checks with us – but we’ll let you know.
Most providers will be able to process this electronically – meaning your transfer is quicker and easier for you. But if your provider doesn’t use Origo Options, contact us to request a paper transfer-out form.
Think carefully about transferring
Choosing to transfer your pension is a big decision, so if you aren’t sure, you should consider seeking advice. Visit www.unbiased.co.uk for a list of financial advisers – you’ll usually have to pay for any advice. For more information on guidance and advice, visit our guidance and advice page.
Be aware of scammers
If you’re asked to transfer to a scheme that seems too good to be true, chances are it is. Visit our pensions scams page for more information.
Our transferring out animation explains all of the above but in video format: