More information about transferring to Standard Life for flexible access
Here are some of the questions and information customers find useful when considering transferring their pension for flexible access
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Why do I have to transfer my ReAssure pension for flexible access?
Most ReAssure pensions were set up before changes to pensions allowed you to access your money through flexible access, also known as drawdown. Your current pension may not offer the flexible access you’re looking for but Standard Life, who are part of the same group of companies as ReAssure, do. You don't have to transfer to Standard Life, you can move to any provider that offers the options you are looking for.
We can help you transfer your existing pension to a new Standard Life Active Money Personal Pension. We will close your ReAssure pension and transfer your pension plan money to the new Standard Life plan, which will let you access your money when you want to.
Why am I being offered a Standard Life pension?
Standard Life and ReAssure are part of the same group of companies - Phoenix Group. Standard Life have been looking after peoples’ money for nearly 200 years and the Active Money Personal Pension offers flexible access (or drawdown) to help you manage your pension flexibly in retirement, online and by phone.
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What is a pension transfer?
A pension transfer is when you move your pension savings from one plan to another, often from another provider.
How does the pension transfer process work?
You can transfer your ReAssure pension to Standard Life using our online service, or by phone. If you choose online, you will receive an email at the end of your transfer application setting out what happens next. If you decide to use the telephone service, you will be informed of next steps on the call.
Do I need to transfer my full ReAssure pension to Standard Life or just the amount I want to withdraw?
The full amount is transferred out of your ReAssure pension and your ReAssure pension will close. The money you have requested to withdraw will be paid to you, and the remainder accessible from your new Active Money Personal Pension.
Can I also transfer in pensions from my other providers?
Yes, once your Active Money Personal Pension is set up, you can transfer other pensions you may have. You can do this online or by phone. We won’t charge you for this, but you'll need to check if your other plans have any exit fees, valuable guarantees or features you might be giving up.
How long will my pension transfer take?
It usually takes around 3 weeks to transfer your money to Standard Life. If you have requested tax free cash by phone, your Standard Life consultant will confirm when this will be paid to you. If you go ahead using the online service, we’ll send you a confirmation email once you’ve submitted this request which will let you know when it will be paid.
Can I save more into my pension once I have transferred into Active Money Personal Pension?
Yes, you can transfer in pensions from other providers and make one off or regular payments to your new pension with Standard Life subject to normal pension payment rules. You can change or pause payments whenever you like. The amount you can pay into your pension reduces once you start taking taxable withdrawals. Find out more at government backed Moneyhelper
Do I have to make payments into my new pension?
No. Once you have transferred you don't have to make any payments into your new pension.
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How can I manage my pension with Standard Life?
Once your new pension it set up, we will send you details on how you can manage your plan online. You can log into the pension dashboard or download the Standard Life App. This will let you track your pension value, withdraw money, make payments, and manage your pension investments. You can also send us a secure online message if you have questions or speak to our UK-based phone support.
Will I be charged for transferring my pension to Standard Life?
Standard Life won’t charge you to transfer your pension plan, or to transfer any other pensions from different providers into your new pension. If there are any charges for leaving ReAssure, they’ll tell you about these in your annual statement, retirement options letter or whenever you speak to them about your retirement options.
What are the Active Money Personal Pension charges?
The charges you pay will depend on where you choose to invest and the value of your pension. If you choose one of Standard Life’s ready-made investment options (known as Investment Pathways), the charge will be around 0.7% if your pension value is less than £25,000, or 0.5% if your pension value is more than £25,000. If you choose your own investments from the full fund range, your charge could be higher or lower than this. Standard Life will tell you about your personal investment charges and any discounts when you make your investment choice.
How do I choose where to invest my pension?
You will be guided through the ready-made investment options (known as Investment Pathways) or can choose from the full fund range when using the online service and by phone.
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What do I need to know before I go ahead with the transfer?
Things you need to know are:
- The approximate value of the pension you want to transfer
- The ReAssure pension plan/policy number
- Your National Insurance number
- Whether you are giving up any valuable benefits by closing your old pension
You'll find these in your most recent pension statement or retirement options letter, so it’s good to have these to hand. If you don’t know this, you can call ReAssure to request this information.
What do I need to do to start the transfer?
If you decide to go ahead online, you can use the link provided in your email from ReAssure. If you decide to go ahead by phone, you can call ReAssure on the number noted on your statement and they’ll connect you directly with Standard Life.
What if I change my mind?
You have 30 days to cancel after you receive your plan documents. After this, you’ll be bound by the terms and conditions of the new plan and any money received by Standard Life will not be refundable under the cancellation rule.
Before we can return pension money transferred in, you must speak with ReAssure to get their agreement to accept the pension back - there is no guarantee they will (be able to) accept it back. If you have taken tax-free cash, you must also arrange to hand this back. Should this not be possible, you must arrange for another pension provider to accept the transfer instead.
Do I have other pension options?
We recommend you research all of the pension options available to you and pick the one which is right for you and your retirement plans:
- You can transfer your pension to any other provider who also offers flexible access (drawdown)
- You also have other retirement options like, purchasing an annuity or taking it all in one lump sum.
You can find out more information by either reviewing your most recent annual statement or calling ReAssure on the number noted on your statement.
Transferring may not be right for everyone. Your pension money is invested, which means its value can go down as well as up and could be worth less than was paid in.
When looking at ways to access your pension savings take time to shop around for the best deal. We recommend you seek guidance or financial advice before making any decisions. You can get free impartial guidance from Pension Wise, a government-backed service from MoneyHelper. They can also help you find out more about shopping around.