Pension transfers

What is a pension transfer?

If you’ve had multiple jobs over the years, you may have been auto-enrolled into a number of pension plans by your previous employers. You might also have a few pension plans that you opened yourself.

Keeping track of your previous plans and knowing how much is in each of them might start to get confusing as the years go by. With a pension transfer, you can combine all your pension plans into a single plan showing the total amount you have saved in one place. It could even result in lower annual charges.

Why combine pension plans?

Once you’ve combined your pensions into a single plan, you’ll have a clearer picture of how much pension savings you might have to live on in later life — whether you choose to retire fully or simply reduce the amount of hours you work.

Here are some other reasons why people consider combining their pension plans:

• Clearer retirement planning: once you can see your savings in a combined pension pot, it should be easier to monitor if you're on track for retirement
• More value: you could have a better range of investment choices and lower annual charges. You could even get a discount for having a bigger pension pot
• Clearer management: with all of your pension savings in one place, you can cut back on admin and paperwork by focusing on a single plan
• Clearer retirement options: knowing exactly how much you have in pension savings can make it clearer when deciding how to take your money at retirement

Important things you should know

Transferring pensions isn’t for everyone. There are a few things you should think about that can help you decide if it’s the right choice for you:

• Your retirement income: there’s no guarantee that your retirement income will be better after transferring your pension plans into one place. That’s why it’s best to weigh up your options carefully to make an informed choice.
• Your benefits and guarantees: your existing pension plan may give you benefits or guarantees that the new plan might not offer so make sure you consider all the details.
• Your charges and choices: just like benefits and guarantees, your current pension plan’s charges might not be transferable, meaning you might pay more on the new plan. You might also find that the new plan doesn’t offer the same investment choices that you’re currently invested in. You can check how your current Standard Life charges compare with other plans and providers with our Charge Comparison Tool.
• Your current situation: If you’re in poor health it might not always be a good idea to transfer, as the pension plan could be liable for inheritance tax if you die within two years of transferring.

Remember, you can speak to a financial adviser if you’re unsure about pension transfers. 

How do pension transfers work?

If you’re an existing customer, you can simply log in to your account   and request a transfer into your existing Standard Life plan.

If you're thinking of joining Standard Life, you can request to transfer another pension to us during your application.

How long does it take?

From start to finish, pension transfers can take a matter of weeks. You can speed up the process if you know the provider and policy details of your existing plans.

Typically, Standard Life will ask you for the following information about each plan you’re thinking about transferring:

• Your latest pension statement for each provider
• And / or a recent valuation statement, if you have one

Need help finding old pensions?

If there’s an old pension with your name on it, we’ll help you find it – for free. Then you can combine your plans into one simple plan with Standard Life.

This service is provided by Raindrop, who specialise in finding lost pensions.