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. That’s why it’s always a good idea to talk to a regulated financial adviser who will go through the pros and cons with you.
If you want to transfer a previous pension into your TPT Scheme, ‘How does it work’ at the end of this page will take you through the process and timing.
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.
Every pension scheme will have its own set of investment options and you should compare them with each other.
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.
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.
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.
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.
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.
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.
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:
Apart from potential benefits outlined in the reasons mentioned above, you’ll also benefit from the following with TPT:
Our not-for-profit status, with no shareholders, means we’re run purely for the benefit of our members and provide competitive fees.
We’ll speak to your other pension schemes and manage the transfer process for you.
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.
If you’re interested in combining your other savings with your retirement savings at TPT:
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 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 Money & Pension Service pages
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