Usually you can find these details on a recent statement.
Thank you. Next, we need to check your plan’s status.
Is this pension in drawdown?
Is this pension part of a divorce?
Finally, let’s check for guarantees or benefits.
It may be easiest to call Provider for help with this section. To know what to ask for, download this PDF.
Does this pension have any of these guarantees?
It’s your employer’s responsibility to make sure there’s enough money to pay you in retirement, not
yours. These pensions are now very rare and provide guarantees that are hard to beat.
It’s more likely if you’re older and you’ve worked for larger employers. Check your annual pension
statement for the words “final salary” or “defined benefits”
Your money is guaranteed to grow at
a given rate. These guarantees can be 0% (you get back at least what you paid in), or can be higher (e.g. 4% a year). If you transfer early your value may be reduced if your funds have grown less than the guaranteed rate. This is called a “Market Value Reduction.”
Investment guarantees are more common on older pensions but can still be offered today. Check your annual statement – do any fund names contain the word “guaranteed” or “With Profits”?
These typically provide a far higher retirement income than can be
bought today. They have restrictions though (e.g. guaranteed rates may only apply on a certain date like your 65th or 75th birthday).
Guaranteed annuity rates are most common on individual pensions (so not workplace pensions) started before July 1988, although some sold since then can have them too.
You’re most likely to have a guaranteed minimum pension or other safeguarded bene ts if you were in a nal salary scheme and your bene ts were transferred to another plan for you.
Does this pension have offer any of these benefits?
Quite simply, it means you could pay less tax when you start taking money out of your pension.
You could have this if you were in a pension scheme before April 2006.
A few people can retire before the normal retirement age of 55. These are often people in specialist occupations (e.g. professional footballers).
Some pensions have other bene ts (e.g. life insurance), which can
be lost on transfer. You may be able to purchase equivalent cover elsewhere, but if you’re in ill
health you should check before transferring.
Make sure an employer isn’t paying into the pension you’re transferring, otherwise you could lose future contributions. Usually employers stop paying in when you stop working for them.
You'll be able to review everything before your transfer starts.
This is your current pension account with us.
Our transfer experts are here to lend a hand if you need help.
Call 0800 123 4567>