Transferring out
Unless you’ve already started receiving your pension, you may be able to consider transferring your benefits out of the Fund.
If the value of your benefits is more than £30,000, it’s a legal requirement that you demonstrate to the Trustee you’ve received the appropriate financial advice before the payment can be made.
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See some simple steps to help protect yourself.
How do I transfer out
First, you’ll need to contact the NPF team at Gallagher to request a transfer value quotation. You can receive one transfer value quotation free of charge in any 12-month rolling period. Any further requests within 12 months, from the date of the first quote, will be subject to an administration charge.
Included with your quotation will be all the forms, that you will need to complete before the transfer can proceed.
Transferring overseas?
You may be able to transfer your benefits to an overseas scheme. The rules around transferring pension benefits to an overseas scheme are complex. If you are considering transferring to an overseas scheme you should speak to the NPF team at Gallagher.
What is a registered scheme?
Registered schemes are those that HM Revenue & Customs (HMRC) have approved to receive pension contributions. The Nationwide Pension Fund is a registered scheme.
You normally do not pay tax on contributions paid to registered schemes. As a result, you can only transfer your Fund benefits to another scheme approved by HMRC.
Requesting a Quote
To request a transfer quotation contact the NPF team at Gallagher.
Update your details now
You can update, make corrections and changes to your details by logging onto your member portal. It is quick and easy to use, if you have not registered simply click on the link below and follow the instructions.
Money Helper
Free and impartial money advice. This link will take you directly to the "Pensions and Retirement" section of their website.
Can I transfer to an overseas pension scheme?
You may be able to transfer your benefits to an overseas scheme known as a Qualifying Recognised Overseas Pension Scheme (QROPS). There are additional requirements for such transfers which will be set out in the paperwork provided by the Administrator. A tax charge may also be payable.
You can find out more about overseas transfer charge at gov.uk
What are the risks of transferring benefits from the Fund?
The Trustee strongly recommend that you visit the FCA website at fca.org.uk/consumers/pensiontransfer-defined-benefit to learn more about defined benefit pension schemes and the risks of transferring defined benefits to a scheme that provides defined contribution or flexible benefits.
These risks include loss of guaranteed income for you and your dependants, loss of inflationary protections, having to pay the receiving arrangement and investment managers to manage your pension and the investments in it, having to decide how to invest your money or pay someone to do it for you, potentially seeing your pension pot fall in value as well as rise, potentially having less income in retirement and possibly running out of money in your lifetime.
Can I transfer part of my deferred benefits?
A partial transfer of your deferred benefits will be allowed subject to the following conditions:
- only one partial transfer will be permitted (although the balance of deferred benefits can also be transferred at a later date);
- any Guaranteed Minimum Pension (GMP) benefits will be retained within the Fund;
- other than GMP benefits, the partial transfer percentage will be applied proportionately across all tranches of your deferred benefits;
- the transfer value of your benefits (excluding any defined contribution AVCs) must be a minimum of £30,000;
- the deferred pension that is retained within the Fund following the transfer must be at least £1,000 a year at date of leaving.
Are there any charges for transferring?
You’re entitled to receive one free transfer value quotation in a rolling 12-month period. Further transfer value requests made within 12 months will be subject to an administration charge which must be paid before the calculation is provided. Details will be included in the transfer information provided.