Transfers
You can transfer benefits from other registered pension schemes into your pension scheme. We are aware of an issue for individuals with Enhanced Protection transferring their benefits to another pension scheme as this may result in the loss of their Enhanced Protection.
The need for financial advice
As a general rule, the decision to transfer from one pension scheme to another involves some complex factors and you should take financial advice before proceeding.
However, there are some pension schemes that we will not accept transfers from even if you were to receive financial advice. This is because the scheme includes safeguarded benefits. Examples of safeguarded benefits include but are not limited to, defined benefit schemes, guaranteed pensions including Guaranteed Annuity Rates (GARs) and Guaranteed Minimum Pensions (GMPs).
We do not accept transfers from Defined Benefit (DB) schemes (sometimes known as “Final Salary schemes”) or schemes that contain Guaranteed Minimum Pensions (GMPs). We will only accept transfers from schemes with Guaranteed Annuity Rates (GARs) if a positive recommendation to transfer has been provided by a Financial Conduct Authority (FCA) regulated financial adviser.
In specie transfers
Most transfers from other registered pension schemes will be as cash. However, it is also possible to transfer assets ‘in specie’ into your scheme. An example would be if you have a SIPP which owns a property and you decide to transfer to another SIPP provider, then rather than selling the property you would transfer it in specie to the new SIPP.
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