Combining your pensions

If you leave a pension scheme, the pension you’ve built up still belongs to you. You normally have the option to leave it where it is, or you can move it to another pension scheme, such as the TPT Retirement Savings Plan, but you don’t have to decide straight away.

Everyone’s circumstances are different, so we can’t cover everything you need to think about on this page. If you’re thinking about transferring a pension it’s a good idea to talk to a regulated financial adviser – they’ll go through the pros and cons with you and make sure that transferring is the best option for you. Find out more here.

If you’re thinking of transferring a TPT defined contribution pension to another provider and are age over 50, the government require that you consider taking up a free guidance appointment with the Pension Wise service. This means that if you send us a request to transfer your TPT pension, you’ll need to send us a completed declaration form to confirm that you’ve had an appointment with Pension Wise or that you’ve opted out of having an appointment with them before we can process your request. You can book an appointment with Pension Wise directly by completing an online booking form on their website or by calling them on 0800 138 3944. Alternatively, if you would like us to book an appointment for you, you can call us.

Reasons why you might want to combine your pensions

  • Planning

    Moving your pension savings into one pot may make it easier to keep track of them, and to see what your total retirement savings amount to.

  • Investment performance

    Every pension scheme will have its own set of investment options and you should compare them with each other.

  • Range of investment funds

    One of your Schemes may offer access to a wider range of investment funds than another, or have funds more suited to your investment objectives. It’s worth taking time to compare them and think about what’s right for you.

  • Investment Charges

    Some pensions have large management fees associated with their investments which can eat into the value of your pension. It would be worth taking a look at how the Scheme’s investments charges compare with those of your other pensions.

Questions to ask before you transfer

The decision to combine your savings may not be a straightforward one. While there can be advantages, there are some points that you need to consider carefully. Here are some questions you can ask the administrators of your other pensions, along with why the answers are important.

Are there any additional costs or penalties?

TPT will not charge you for transferring a pension into the Scheme. But you should check whether you will be charged an ‘early exit’ charge or transfer fee for transferring your pension from your existing provider.

Are there any special features that you will lose if you transfer?

Your other pension may offer valuable benefits that you’d lose if you transferred out. It’s good to find what these are before transferring. For example, final salary pensions have certain promises that you will no longer apply if you transfer out.

Will I lose the right take out my money at a certain age? (This is called a 'protected pension age')

If you have a protected pension age through your other pension and may wish to take your benefits earlier than age 55, a transfer may not be right for you as you will lose this protection if you transfer.

Will I be able to move the savings from my old pension scheme to TPT?

You’ll be able to transfer most types of pensions to your TPT savings pot. Here is a list of those we would not be able to accept:

  • Final Salary or defined benefit schemes
  • Retirement Annuity Contracts (RACs)
  • Pensions in drawdown

Why combine it all with my TPT savings?

Apart from potential benefits outlined in the reasons mentioned above, you’ll also benefit from the following with TPT:

  • Great value

    Our not-for-profit status, with no shareholders, means we’re run purely for the benefit of our members and provide competitive fees.

  • Simple process

    We’ll speak to your other pension schemes and manage the transfer process for you.

  • Online access

    Once you’ve transferred, you’ll have access to a secure online account where you can check on your saving pot, make changes to where it’s invested and update your personal details.

How does it work?

If you’re interested in combining your other savings with your retirement savings at TPT:

  1. You’ll need to ask your previous pension provider(s) for a transfer out statement/pack. Complete our transfer details form - this includes all the details you’ll need to provide your previous pension provider. We’ll also need you to fill in our transfer in application form.
  2. Once you’ve confirmed that you are happy to transfer, and that we can contact your previous provider(s), we’ll work with them to transfer the funds.
  3. We’ll ask you about your preferred investment choice(s) and invest the amount transferred accordingly.
  4. We’ll let you know once the transfer's been completed.

Financial advice

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 make a transfer 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’re unsure of your options when it comes to pension transfers, please consider taking independent financial advice. Find out more here.

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