How do I transfer my savings from The People’s Pension to another pension provider?

Transferring your pension savings is a big decision.

Things to consider before moving your pension

Moving your pension could mean you’re missing out on:

  • Giving back to our members. The more you save with us, the more you could get from our rebate on your management charge. It’s our way of actively rewarding loyal savers and using profit to help people build better lives.
  • A pension for life. Even if you move jobs, you can still contribute to this pension monthly with a Direct Debit, or you can pay in a lump sum. And you’ll still benefit from tax relief. It’s always a good idea to compare any charges and benefits before deciding. Our charges are competitive to give your savings the best chance of growing.
  • Strong investment options. The Trustee work hard with our experienced in-house investment team, their investment advisers and our money managers, State Street Global Advisors & HSBC, to invest your money so it has the best chance of providing long-term growth. You can choose from 1 of our 3 investment profiles or self-select – read about our investment funds and compare their past performance.
  • Supporting the climate agenda. Climate is key for us – from the mid 2020s we’ll invest all new contributions into net zero investments.

Please note:

  • We’re unable to process partial transfers out – 100% of your pension pot must be transferred.
  • We don’t apply any additional charges for you to transfer out of The People’s Pension.

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.

If you do want to transfer to another provider

  1. Find your policy number – it’s alongside your pension balance in your Online Account. Get started by setting up or logging in to your Online Account.
  2. 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. If they don’t use Origo Options, you’ll need to contact us to request a paper transfer-out form.
  3. The provider you’re transferring to will tell you what to do next.
  4. While your transfer is progressing, we may need you to complete ID checks with us – but we’ll let you know.

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