Whether you want to consolidate your other pensions by transferring them into The People’s Pension, or you’re an employer looking to set up a new scheme with us to replace your existing workplace pension arrangement, we’ll help make your pension transfer simple.
Pension transfer options
An employee can transfer their other pensions into The People’s Pension themselves, through their Online Account or by post.
Employers can also transfer into The People’s Pension if they want to consolidate their old workplace pension schemes.
Switching pension providers
Or, if an employer isn’t with The People’s Pension at the moment but isn’t happy with their current workplace pension provider, they can switch to The People’s Pension.
Employees can combine their own pension savings
Lots of members of The People’s Pension have worked for more than one employer, so it’s likely they’ll have several pensions.
Transferring all of their pension savings into their account with The People’s Pension – at no charge from us – could make keeping tabs on their pensions a whole lot easier.
Plus, by combining all your existing pensions, the charges you pay may be lower (obviously, we can’t guarantee that it will result in a higher value pot or a greater income in retirement).
How to transfer your other pensions into
The People’s Pension
To bring your pensions together all you need to do is:
- Provide your pension details that you’d like to transfer over to us
- And we’ll help you to do the rest
Track down your lost pensions
1 in 5 people have a lost pension. If you don’t want to be one of them, you can trace your old pensions to find out if you have savings that you’ve lost track of.
You can use the government website to find pension providers you might have had an account with in the past…
Why transfer your other pensions into The People’s Pension?
Save money and keep it simple
- Combining your pension pots with us may mean you pay less – we charge you just 50p a year for every £100 of the value of your account (0.5%).
- Keeping track of your pension savings is easier if they’re all in one pot – from managing your account to knowing how much you have in total.
- Having all your pensions in one place makes them easier for your beneficiaries to find – should anything happen to you.
We’ll do all the hard work for you…
- We’ll contact the other provider and request the relevant forms.
- We’ll make arrangements to ensure your funds are transferred.
- We’ll contact you and let you know once the transfer is complete.
You might be wondering…
Can I transfer my pension?
As long as you’re a member of The People’s Pension, you can transfer your other pensions into your pot with The People’s Pension – although it works in slightly different ways depending on what type of pension(s) you want to transfer in.
If you transfer your funds out of an occupational or company pension scheme, it might 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 getting financial advice and making a decision.
Should I transfer my pension?
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
- whether 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 are transferring from applies a charge, be that a fund or a contract charge.
You may like a personalised illustration before you transfer, just let us know and we’ll send you one. Although we don’t give financial advice, we’ll be happy to do everything we can to help you.
It’s important that you compare the charges, features and services between the pension you want to transfer and The People’s Pension to see if it’s the best option for you. If you’re unsure about transferring, we recommend you speak to a financial adviser. To find an adviser in your area, you can visit the Unbiased website. For free impartial guidance, you can also visit The Pensions Advisory Service.
This is not a recommendation from B&CE to transfer your pension savings. 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.
*If you arrange for a transfer from another pension scheme into The People’s Pension, you might find that you can’t take a pension pot of £10,000 or less all in one go (as a small pot lump sum). Under HMRC rules, if you’ve transferred in within the last 5 years you’re normally unable to claim a small pot lump sum if:
- your pension savings in The People’s Pension plus any related pension schemes are under £10,000 and it’s been less than 5 years since you’ve made a transfer in
- there has been a transfer out of The People’s Pension or any related pension schemes in the last 3 years
Employers can consolidate old pensions
Our transfer process can help you consolidate any historical pension schemes into The People’s Pension.
Benefits of consolidating with The People’s Pension
- A straightforward transfer process
- Increased efficiency
- Proven expertise in complex payrolls and employers of all sizes
- Support from B&CE, a not-for-profit organisation with over 75 years of experience in workplace benefits
- Granted master trust authorisation from The Pensions Regulator, so you can be sure we’re run in the best interests of our members
We can work with you to bring your old pension schemes together.
Our low annual management charge of 0.5% makes it simple for your employees to see the costs involved. It’s worth noting some older pension policies do have certain features that might outweigh the benefit of our low charge.
We’ll work as closely with you as you’d like us to (or with your adviser if you have one).
You can find out more by downloading our guide for employers and advisers: Keeping an eye on pension pots is simpler if they’re in one place
How to transfer old pension schemes into The People’s Pension
For more details please get in touch with your usual contact at The People’s Pension, or if you’re new to us our remote relationship manager team will be happy to help.
Call: 0333 230 1861
Or, if you’re thinking about closing down an old trust-based pension and transferring to The People’s Pension instead, you can find out more by downloading our guide: The road to good governance
Switching pension providers
Employers can switch workplace pension providers
Are you happy with your current workplace pension provider? We’re guessing you might not be if you’re reading this. Quite a lot of employers have told us they’re fed up with poor administration elsewhere. Good news! The People’s Pension is here to help. And we’re happy to work with your existing adviser (if you have one) as much or as little as you and they like.
How to switch to The People’s Pension
Whatever the reason for your move – poor administration at the hands of another provider or a more strategic change – we’ll be sure to handle it with care.
Experience tells us that no move is the same as the next. And because we know you can’t put people into boxes, we have a dedicated implementation team on hand.
So give us a call if you want to chat about switching to The People’s Pension:
0333 230 1862
How the switching process works
Our transfer process is nice and simple. And that applies whether your current scheme is trust-based (like The People’s Pension) or contract-based. While it might take a few months to tick all the boxes and get all your employees transferred across, we’ll do all we can to make your move to The People’s Pension as easy as possible.
1. Prepare to move
- Work out (and tell us) your needs and requirements.
- Decide if switching to The People’s Pension is the right move for you.
- Complete some online forms (don’t worry, they’re short) so we can get you set up.
- Let your old pension provider know you’re moving on.
- Let your employees know that you’re changing workplace pension provider (don’t worry, we’ll help you with that).
2. Moving made easy
- We’ll set up your new workplace pension with us.
- We’ll give you a timeline to tell you what will happen and when.
- Our dedicated implementation team will oversee your move.
3. Home sweet home
- Move complete (and no van required!).
- We’ll send your employees their joiner information.
- And we’ll point you to our online communications toolkit. It’s got everything you need to talk to your employees about their pensions.
Why choose us as your workplace pension provider?
High-quality administration is important to us
High-quality administration makes the difference between workplace pensions being hassle free on one hand, and a bit of a pain on the other. Now for the good news. We’ve won awards for how well The People’s Pension is run. So there’ll be no pain (just gain) with us. We’re easy to do business with – our people are friendly and approachable, and our systems are designed to keep it simple.
We’ve won lots of awards for what we do
This is a reflection of the high quality of our products and services. Our awards include a Defaqto 5 Star Rating for Workplace Pensions. Not all workplace pensions have that. And we’ve won awards for our customer service that go way beyond financial services.
Moving to us is simple
We make the move simple – and do our best to keep it that way after the move. We’ll do everything we can to make it as easy as possible to transfer to our scheme and we have a dedicated implementation team.
People come before profit
We are – after all – run by a not-for-profit company. That means we can focus on people, not profit.
We’ve got over 4.5 million members
The People’s Pension has over 4.5 million members. Tens of thousands of businesses, large and small, have chosen us as their workplace pension scheme. Don’t take our word for it. Here’s what one of our customers told us about their move to The People’s Pension:
“We really appreciate all the support you gave us during our transition to The People’s Pension. You went out of your way to ensure it all went as smoothly and as stress-free as possible.”Simon Wilson, Roadchef
You’re in safe hands
We’re a master trust. That means we have a board of independent trustee directors – there to put members first. We were the first master trust to seek independent assurance of scheme quality. What’s more, we’re an authorised master trust – recognised and approved by The Pensions Regulator as a master trust that’s run properly and governed in the best interests of our members.
Our long history means we know our business
The People’s Pension is run by B&CE, a not-for-profit organisation with a long history. B&CE has been providing employee benefits for more than 75 years, and workplace pensions for more than 35 years. So we know pensions.
Find out more
Advisers – help your clients move to a new workplace pension scheme
Recommend moving to us with confidence:
- We’re flexible – you can get involved as much, or as little, as you and your client would like. And we handle moves of any size (all with a smile).
- We keep the process nice and simple – no unnecessary complications or barriers, just 3 simple steps (more on this below).
- Lots of support – our dedicated implementation team will support your client every step of the way. And we’ll keep your client’s employees in the loop too.
What’s in it for me and my clients?
- We make the move simple for you and your clients – and do our best to keep it that way after the move.
- We’re easy to do business with – our people are friendly and approachable, and our systems are designed to keep it simple.
- We’re well-known for our high-quality administration.
- We know automatic enrolment inside out – and have the experience to prove it.
- You’ll all be in safe hands – we’ve got independent trustees who will put your clients and their employees first.
And we are – after all – run by a not-for-profit company. Find out more about how we put people first.
Adviser reviews of The People’s Pension
Here’s what a couple of advisers told us about moving their clients to The People’s Pension.
“The People’s Pension completed a large number of transfers for us and the process was really efficient. The help and support we received was outstanding too.”Olivia Bucher, Chadwicks
“The transfer process was very smooth and quick. And most importantly, we had our own implementation manager to support us.
Dawn Darch, independent financial advisers
“Our clients are happy too. They’ve found setting up their scheme with The People’s Pension straightforward and the online systems easy to use. Our clients have also been able to get hold of someone at The People’s Pension when they’ve needed to.”
Find out more
Give us a call if you want to chat about switching to The People’s Pension:
0333 230 1862
Download our guide: Moving your client’s workplace pension scheme .pdf