Transfer Previous Pensions

Nowadays, few of us stay in the same job from leaving school to when we retire. The result is that many people have lots of different pension pots. Considering combining them could make real financial sense.

Why move your pension?

  • Get better investment performance
  • Lower your charges
  • Boost your income in retirement

If you want to take advantage of the wider retirement options that were introduced as a result of Pension Freedoms, many old pension schemes do not allow you this flexibility. It is therefore never too late to think about consolidating your pension pots. 

What will it cost?

Transferring into Salvus is free of charge and we take care of all the paperwork for you.

Making the best of it

If you've got money in past pension schemes, then you should aim to make it work as hard as possible. Moving to a pension that gives you higher growth could allow you to retire earlier or stick to your original retirement date but with a higher income.

I have lost contact with some of my old Pensions

It’s not always easy to keep track of a pension, especially if you’ve been in more than one scheme or have changed employer throughout your career. It is important to look at all your pensions and we can help you trace them to include them in any decisions to consolidate them into one pot.

It is very easy to trace old pensions that you have lost contact with and it is free. Simply contact the Pensions Tracing Service, who has a register of all workplace schemes and will be able to assist you.

Do I need to take advice?

For transfers between two defined contribution schemes you do not need to take financial advice and can do this on a no-advice basis, however it is recommended that you do consult an Independent Financial Adviser (IFA) to ensure that you are doing the best thing for you. Salvus does not provide any advice on the merits of transferring.

Currently Salvus is not accepting transfers in from defined benefit schemes.

If you're thinking of transferring from a defined contribution scheme you should ask your scheme administrator or pension provider for a transfer value. This is the amount that your scheme will pay across to the new pension provider in lieu of your benefits in the scheme.

Once you have transferred, you'll have no further rights under the old scheme. You may also lose any additional benefits that the scheme provides, such as life cover. You should also check to see if there are any charges arising if you transfer, or if you will lose any valuable guarantees.

How can I investigate a potential transfer in?

Simply log into your Member Portal and select Transfers In and provide us with the details of the Schemes you are interested in transferring to Salvus. 

You can add as many pensions as you want.

You can either download and print the forms yourself or we can print them and send them to you for signature. Sign and return the forms to us and we will then contact your Schemes for transfer values.

Once we have the transfer values we will contact you for a decision. You can make this decision on your own (without advice) or you can elect to employ a FCA regulated independent financial adviser.