What is a pension transfer?
A pension transfer involves the movement of one Defined Contribution pension scheme into another. It can be carried out on an 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 are 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
✓ Other SIPPs
✓ 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 Earnings Related Pension Scheme)
✕ 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%.