Things to consider before you decide to transfer

Consider these 8 key points before transferring your pensions

Please note, if you have :

DB/Defined benefit/Final salary/CARE
Career average type of pension

It's generally best to not transfer. You should get authorised advice before going ahead.

Key points

Don’t rely on these points alone – think about what’s right for you. If you’re unsure about your current scheme’s benefits or transferring, speak to your provider or a financial adviser.

Information: Today’s pension schemes tend to have lower charges. If you set up your pension before stakeholder pensions were introduced in 2001 with charges being capped – you could be paying higher fees.

Consideration: How do the charges compare if you transferred with your existing scheme?

Information: Investment performance affects your retirement income. Higher returns usually come with higher risks, so choose investments carefully. Past performance doesn’t guarantee future results.

Consideration: How do your current investments compare to the ones you’re thinking of switching to?

Information: Most pensions can be transferred without exit penalties or charges, but it’s important you find out if any could apply to your pension transfer.

Consideration: What is the total value of any charges or penalties applied to the pension transfer? You should weigh up the potential for greater growth against the impact of any charges and penalties. While we don’t charge you for transferring in or out, your other pension scheme might.

Information: With-profits funds aim to smooth returns by saving profits from good years to support poor ones. If you transfer your pension, a market value reduction (MVR) may apply, reducing your pension value.

Consideration: If an MVR applies, you might want to get advice or wait until it doesn’t apply.

Information: A GAR is a minimum rate your pension must be converted into an income. These rates are often better than those on the market today. You’ll usually lose this benefit if you transfer to another scheme.

Consideration: It’s important to weigh up the potential for greater growth and lower charges against the likelihood that your annuity rate will be lower.

Information: Your option to take a small pot of £10,000 or under from People’s Pension may be affected if you have transferred in within five years or out within three years. Contact us for more information on these rules.

Consideration: Think carefully if you’re planning to take a small pot within five years. Taking a pot of over £10,000 or transferring to another provider to take an income wouldn’t be affected.

Information: Some pension schemes offer a protected age of 55. If your new scheme doesn’t support this, you might have to wait until age 57 to access your savings after 6 April 2028.

Consideration: Check if your new scheme accepts protected pension age to avoid delays. Read our guide about minimum pension age. LINK

Information: We cannot accept transfers from pension pots that you’ve previously taken money from, through an annuity or drawdown. If you attempt to transfer a pension you’ve previously accessed, this will result in a tax charge from HM Revenue and Customs (HMRC).

Consideration: If you’re in any doubt about how you have previously accessed your pension, please speak to your current pension provider or a financial adviser.

Our annual management charge offers more

It has three elements:

An annual charge which we’ll deduct from your pension pot during the scheme year if we calculate that you’ll have a pot size of £100 or more after the charge is taken.
A management charge of 0.5% of the value of your pension pot each year – just 50 pence a year for every £100 in your pension.
A savings reward (rebate) on some of the management charge depending on how much is in your pension, helping you save more for later life. When you transfer in from another scheme, you may not receive a savings reward on this money until the next rebate period.

Find out more about our charges

Reasons to transfer to us

1. Simplicity - we automatically invest your money in our default investment option – the ‘balanced’ investment profile. But you can also choose from our two other investment profiles or self-select from our eight investment fund.

2. One pension – with everything in one place, it’s simpler to make changes that meet your needs.

3. In safe hands - we're an authorised master trust scheme run by an independent corporate Trustee. They has responsibility for looking after the scheme, ensuring it is run in the best interests of its members, and in line with the rules and the law.

4. Accessible - our UK contact centre is open Mon-Fri 8.30am-6pm. You can easily keep track of your pension in your online account or our app.

Transfer in

You can also transfer using this form LINK. You'll need to print, fill it out and return it to us.

People’s Pension doesn’t charge for transferring in, but your old scheme might.

We can’t give advice about transferring from another scheme. If you don’t have a financial adviser, you can find one by visiting Unbiased or MoneyHelper. Make sure they’re regulated by the Financial Conduct Authority (FCA) You may need to pay for advice. MoneyHelper can also offer free, impartial pension guidance.

Things to consider before you decide to transfer

Consider these 8 key points before transferring your pensions

Key points

Our annual management charge offers more

Reasons to transfer to us

Find out more

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