What is a pension transfer?
A pension transfer involves the movement of one pension scheme into another. It can be carried out on individual, group or scheme basis, making it much easier to manage more than one pension because they are all combined in one place. We offer individual pension transfers for people who wish to keep track of their assets and manage them more effectively under TPT.
What’s good about them?
The average person who works in the UK from the age of 18 to 65 will have six jobs, according to research by The Telegraph*. If that person has a workplace pension with each job, and each is provided by a different scheme, they could end up spending a significant amount of time keeping track of them - or losing track of them altogether. A pension transfer pulls all of your assets into one place, under one scheme, so you know exactly how much is available to you, and how you can use it, in the run up to retirement.
Why should I transfer to TPT?
You'll be moving all of your pensions into one place, saving you time and energy, but with us, you'll also benefit from:
Great value: Our not-for-profit status, with no shareholders, means we run purely for the benefit of our members and provide competitive fees.
Simple process: We’ll speak to your other pension providers and manage the transfer process – we just need your permission and existing pension details.
Online access: Once you’ve transferred, you’ll have access to a secure online portal where you can view your pension value, manage your investments and update your personal details at any time.
Which pensions can I transfer to TPT?
You can transfer most types of pensions over to us:
√ Most paid-up workplace money purchase pensions
√Personal and stakeholder pensions
√Most Additional Voluntary Contribution plans (AVCs) including Free Standing AVCs
√Executive Pension Plans (EPPs)
√Old protected rights pensions accrued by moving out of the State Second Pension or SERPS (State P Earnings Related Pension)
× Retirement Annuity Contracts (RACs)
× Pensions in drawdown
How much will it cost to transfer?
We are run for the benefit of our members, so try very hard to minimise our costs. There is no one-off fee to transfer over to us, and the typical annual management charge for our Target Date Funds is 0.53%.
TPT Retirement Solutions is not authorised to give financial advice, and this information should not be interpreted as a recommendation to make a pension transfer. The impacts of doing so can vary depending on an individual’s personal circumstances, and the decision to do so should only be made after full consideration of factors such as the cost of transferring, the loss of any guaranteed benefit that is built into your current scheme(s), and when you wish to access your pension savings.
If you are unsure of your options when it comes to pension transfers, please consider taking independent financial advice. You can find advisers in your local area on the IFA Promotion Ltd website: www.unbiased.co.uk
*Telegraph.co.uk, November 2015: https://www.telegraph.co.uk/finance/jobs/11975788/Britons-in-the-workplace-The-figures-that-lay-bare-the-life-of-an-average-British-employee.html