If you originally bought your Retirement Account on an advised basis, please note the following:
By consolidating your pensions with us via this online process you are transacting on a non advised basis. It's therefore strongly recommended that you inform your financial adviser of your intentions.
Your original adviser will receive the policy documents relating to each transaction and they will be asked to forward these on to you.
What can be transferred?
You can use this service to consolidate other pension funds into the pre-retirement Planning section of your Retirement Account (you can still do this if all your funds are currently invested in Income).
If you are already taking an income from the pension you are looking to transfer or have moved money to drawdown with a view to doing so, you won’t be able to use our non-advised online service.
How your funds will be invested
We will initially invest the incoming transfer value into your Retirement Account in the same pre-retirement investment options as which you are currently invested (you can subsequently change this at any time).
Where all your funds are currently invested in the Income section of your Retirement Account the incoming transfer will initially be invested in Planning using the same investment options as your Income investments. You can subsequently change this at any time and you may wish to seek advice as to the suitability of this asset allocation.
If your Retirement Account holds self-invested options in Share Dealing, Discretionary Fund Management or in UK Commercial Property you cannot use our non-advised online service and you will need to seek professional financial advice before transferring.
Don’t have an adviser? How to find an Independent Financial Adviser.
Ongoing adviser payments
When setting up your Retirement Account you may have agreed to pay your financial adviser by means of ongoing fund based adviser charges or through ‘trail commission’ (where the amounts that your adviser receives are expressed as a percentage of the fund value).
If so, you should note that the pension funds you transfer into your Retirement Account will be aligned to these charging options in the same way. This means your adviser will receive increased payments after the transfer has been applied so we strongly suggest you speak to them before you transfer using this process.