Transfer and simplify
Have you thought about transferring in your other pensions and simplifying your savings? For many, having money in one place reduces stress and clarifies how much they have and where it is.
Why should you transfer in?
Pay lower charges
To help look after your pension savings, most pensions have administration and investment charges. Consolidating your old pensions could reduce your charges and mean you have more money for the future.
Less hassle, more control
It can be tricky having multiple pensions and you might benefit by simplifying and bringing those savings together. It can be easy to forget about savings or lose touch because you haven’t given a pension provider your up-to-date contact details.
Having your savings in one place gives you greater control, is easier to manage, and you only have to deal with one pension provider.
Access a range of options
We have a range of income options that you can mix and match to suit your needs, and change free of charge.
Support tools
We have great tools to support you, including illustrating your income options for your consolidated pensions.
How do you transfer?
The fastest and easiest way is online:
- Log into your account
- Click the Transfer in menu item
- Complete Step 1 of the transfer-in form
When we have the necessary information from your old provider, you will then be able to complete Step 2.
If you prefer to use paper, you can use a transfer in form. We’ll contact your old pension arrangement to get further information and do checks. We’ll then send you a form to confirm you’re happy to proceed.
Thinking of transferring to another provider?
Before transferring to another provider, it’s always good to ask:
- Are the charges more competitive?
- Are they offering an incentive? It might be covering up a scam or high charges.
- Will they offer flexible income options when you retire?
If you still want to transfer:
- Contact XPS
- We’ll send the estimated value of your savings, important guidance, and declarations for you to complete
- Return all the forms and documents
We will check your application and, in most cases, ask you to book a call with the XPS Scams Protection Team, who will review your transfer and report to the Trustee. We will let you know if you need to book a safeguarding appointment with MoneyHelper.
How long will it take?
It can take up to 3 months to disinvest the funds and pay your transfer, depending on any potential flags that are raised when we do our due diligence.
We understand this might sound like quite a long time, but it is important we follow regulations and best practice, to protect our members.
Visit MoneyHelper to read more about transferring your pension.
Important checks before you transfer
Whether you have a salary-based arrangement (often called defined benefit), or investment based (often called defined contribution), there may be valuable features or benefits you could lose when you transfer.
We recommend speaking to a financial adviser, and you must do this if you have a defined benefit pension worth more than £30,000.