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Changing jobs several times could result in you having one or more pensions you no longer pay into. If you don’t know how much you’ve saved, it could be harder to know what sort of retirement you could have.
Some of the benefits of combining older pensions together may include:
We serve millions of customers across the UK, and we want to make saving for the future as easy as possible. With our Ready-Made Pension, you can build towards your retirement and track your pension performance alongside your other accounts. Here are some of the ways our Ready-Made Pension could make it easier to save for your retirement.
Bring all your pensions together and view them alongside your everyday banking using your Mobile Banking app. Easily contribute, manage, and access your pension when it’s the right time to retire.
Our funds are ready-made and managed by our retirement partners, Scottish Widows. We look after your investment, helping to reduce the risk to your pension as you approach retirement. We do the hard work, so you don’t have to.
Enjoy the flexibility of transferring in more pensions whenever you like. You don’t need to open with a pension transfer – you can do this at any time. Your current provider may charge you to transfer to us, but we won’t.
There’s an estimated £26 billion in lost or forgotten pension pots*.
If you can’t find your old pensions, you could miss out on money you’ve already saved towards your retirement.
Speak with your old employers or pension providers for help in tracing your old pensions.
You can also go to The Pension Tracing Service, which is operated by the Department for Work and Pensions.
*Source – National Pension Tracing Day
If any of these apply to you, you should speak with your current provider.
If you're still unsure, we recommend you speak to a financial adviser. There will normally be a charge for advice.
Some older pensions have safeguarded benefits or guarantees that you would lose if you transferred. With that in mind, we can’t accept pensions with:
It’s important to review the benefits and features you have with your current pensions, and how valuable they are to you. Bear in mind that you’d give these benefits up when you transfer. If you’re unsure of anything, please check with the providers of the pensions you are looking to transfer.
The types of features to look out for include:
Make sure to compare your current fees and charges with those for our Ready-Made Pension. You can find the information you need by checking your policy documents or through your online portal if available. You can also speak to your existing provider.
Although we don’t charge for transferring your pension to us, your existing provider might charge you for transferring out.
If you’re not sure, you can ask a financial adviser, who may charge for any advice.
Whatever retirement looks like for you, find out how a Ready-Made Pension could help you invest for the future. Find out how to contribute, how much it costs, and how our experts invest your pension to give it the best chance of growth.
When the time feels right to retire, we’ll help guide you in deciding how you’d like to access your pension savings with us.
This is where you move all your old pensions into one single pot. Transfer, combine, consolidate – they all mean the same thing.
No, when or how many of your old pensions you transfer is entirely up to you, as long as the total initial value is over £10,000. Remember, you can transfer more pensions to us at any time in the future as your employment changes.
Please note that you can’t transfer every type of pension.
We can’t accept:
Pensions with guarantees
This is a pension with a Guaranteed Annuity Rate. It means you could get a higher income than you’d get at today’s rates when you retire.
Or
Guaranteed Minimum Pension or Section 9(2B) rights
These may provide you with a guaranteed income when you retire. You’re not likely to match this amount when transferring. Please check with your current provider, as they should have more details on this.
Or
Guaranteed Conversion Option:
This allows you to convert your pension into a fund, which gives you access to a wider, more flexible range of benefit options. At today’s rates, it’s unlikely that this fund will be worth as much as your original pension.
Pensions with defined benefits
Also known as final salary benefits, this is where you receive guaranteed pension income based on your salary, rather than how much you’ve paid in. Your current provider should have more details on this.
Workplace pension
A pension that you and an employer still pay into.
Other reasons you can’t transfer
Your pension may be with a provider outside of the UK. It could be subject to a pension sharing or earmarking order following a divorce or dissolution of a civil partnership. Or it has been, or will be, set up using disqualifying pension credits. This is when the pension sharing order is applied to a pension already in payment or income drawdown.
If you have any doubts about transferring your pensions, you could seek advice from a suitably qualified professional adviser. There will normally be a charge for that advice. Unbiased will let you find a local adviser based on your requirements.
You can also get free and impartial guidance from the government’s Pension Wise service, which is provided by Money Helper.
To see what you may get back from your pension, we’ll provide an example illustration when you apply. These figures are only examples and aren’t guaranteed – they’re not minimum or maximum amounts.
We’ll send you a personalised illustration when your Ready-Made Pension is set up.
Use our pension calculator as a guide to see what your retirement income could be. You can also see how making changes to your contributions could make a difference to your overall pension pot.
Typically, this takes a few weeks. This can depend on the type of pensions you're transferring and whether we have all the correct details. It can also be based on how quickly your current provider responds to our requests.
However, we’ll keep in touch with you along the way, and will contact you about your application if:
Ensuring your personal and contact information is up-to-date and accurate is important and will help reduce unnecessary delays.
Our Ready-Made Pension charges are clear and transparent, helping you understand what you expect to pay.
We won’t charge you to transfer your pension to us, but your current providers may. Please check with them before you transfer.
You can view a breakdown of the Fees and Charges page, including an example of how it works.
One of the benefits of investing into a pension is tax relief. If the basic rate of tax is 20%, for every £80 you pay in, the government will top this up with an extra £20.
If you’ve told us you’re eligible, we’ll add basic rate tax relief automatically to any regular or one-off contributions you make into your Ready-Made Pension. If you’re a higher rate taxpayer, you can claim additional tax relief through your self-assessment tax return.
How much you can pay in without a tax charge will depend on your circumstances.
Tax treatment depends on your individual circumstances. Your circumstances and tax rules may change in the future.
If you would like financial advice, you could speak to an Independent Financial Adviser. Unbiased and Vouchedfor will let you find a local adviser based on your requirements. There will be a charge for this service.
You get free help and guidance through Pension Wise. If you’re over 50, you’ll also benefit from a free 60-minute appointment.
Alternatively, our partners Schroders Personal Wealth could also help. They provide personalised advice on a range of different products and services. It all starts with a free, no obligation chat, then a financial plan that’s tailored to you. To be eligible, you’ll have at least £100,000 in sole or joint savings, investments or personal pensions, or sole income of at least £100,000. Fees and charges may apply.