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FAQs for Members

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Transfers FAQs

If you want to transfer your funds to an overseas pension scheme, the scheme must be a qualifying recognised overseas pension scheme (QROPS), verified by HMRC. You can view these schemes on the government website here.


The government’s independent MoneyHelper Service also has useful, free guidance on transferring funds to schemes based abroad.

Origo is an independent online transfer service for pension savings. Many pension providers, including us, use this service to transfer money securely and efficiently. It cuts down paperwork and speeds up transfer times.

Whether you’re transferring pension savings into or out of our Scheme, it’s worth finding out if your other pension provider uses the Origo service. If they do, you can contact us for the relevant form.

You’ll also need to know your policy number – for Origo, this is your National Insurance number – and the scheme type. Our Scheme is a defined contribution occupational pension scheme.

No. Your transfer value quote is based on information that’s up to date at the quote date. As the transfer value depends on investment values, it can’t be guaranteed because investment values change all the time. The actual transfer value will depend on the value of investments on the date you transfer, so could be higher or lower than your quote.

Your fund value is the total amount of money in your pension savings with us at any time. This is the amount you’ll be able to take when you retire.

Your transfer value is the amount of money you can transfer out of the Scheme.

Because the Scheme is a defined contribution pension, its value goes up and down depending on the performance of the investments it uses. This affects the fund value and the transfer value.

The fund value is updated each week, usually on a Friday or Saturday. You can check the latest value online by logging in to your online member account at nowgateway.com.

The transfer value is the value of your pension savings on the date you transfer them out of the Scheme. Because investment values change all the time, it’s not possible to know exactly what this will be in advance. See Is my transfer value quote guaranteed?

It’s the actual value of your pension savings at the date they’re disinvested from the Scheme and you transfer them out. This depends on investment values which change all the time, so it could be higher or lower than the quote you received. See Is my transfer value quote guaranteed?

Your transfer value is the amount of money you can transfer out of the Scheme. It’s the value of your pension savings on the date you transfer them out.

Defined contribution pensions, like our Scheme, go up and down in value depending on the performance of the investments it uses. Because investment values change all the time, it’s not possible to know exactly what your transfer value will be in advance. If you ask for a transfer value quote, it will be the value at the time you request it – it’s not guaranteed.

No. There’s no charge for transferring your pension savings out of the Scheme to another provider. However, it’s possible the pension provider you’re transferring to will make a charge. You should check this before starting your transfer.

Yes. You can transfer your Scheme pension savings out to another pension provider as long as:

  • you’re a deferred member, no longer paying contributions to the Scheme, and
  • the Scheme Trustee agrees you can transfer out.

We don’t charge you to transfer your benefits out, although it’s possible the pension provider you’re transferring to will make a charge. You should check this before starting your transfer.

As with any transfer there’s a lot to think about to make sure it’s right for you. It’s worth getting help from a regulated financial adviser. Look at Help with finding independent financial advice for more about finding financial advice.

Watch out for pension scams

If you’re thinking of transferring out you’ll need to look out for pension scams, which are on the increase. Every day criminals use sophisticated ways to con pension savers out of their money. Scammers will often start by offering a ‘pension review’ or a ‘one-off investment opportunity’. Eventually, this ‘offer’ will depend on you transferring your pension savings out, supposedly to another legitimate pension scheme but in reality, straight into the scammers’ pockets. You could lose all your pension savings and possibly find yourself with a huge tax bill.

Things to watch out for

  • Any contact about your pension that comes out of the blue, even if the caller claims to be from your bank or a government department
  • Any claims you can get at your pension savings before age 55 without paying large amounts of tax. You can’t.  
  • Website promotions, telephone calls, text messages or adverts encouraging you to transfer your pension savings to get cash or a loan
  • Offers of ‘one-off’, ‘unique’ or ‘time-limited’ investment opportunities – especially if they involve transferring money abroad.

Avoiding and reporting scams

Yes, you can transfer into NOW: Pensions – although you will need to check the Scheme can accept the transfer, as not all pension savings can be transferred in. The Scheme Trustee will need to approve your transfer.

Transferring your other pensions into the Scheme could make managing your pension easier and save on charges.

To find out more, use our member contact form, or email membersupport@nowpensions.com.. To help us help you faster, please quote your full name and address, plus your NOW: Pensions contract ID and National Insurance number in the email.

You can also call our member support team on 0330 100 3334 from 9am to 5pm, Monday to Friday. When you contact us, please quote your full name and address, plus your NOW: Pensions contract ID and National Insurance number. We might record your call to help us improve our service to you.

Transferring your pension savings is a big decision that you need to think about carefully. It may be worth getting help from a regulated independent financial adviser.

Help with finding independent financial advice

The Money Advice Service (part of the government’s Money and Pensions Service) has information about choosing an independent financial adviser and a directory of independent financial advisers that specialise in retirement. Visit moneyadviceservice.org.uk or call 0800 138 7777. You’ll find the directory at directory.moneyadviceservice.org.uk.

The Personal Finance Society (PFS) has a What we do for the public section. This also includes a directory you can filter to find independent financial advisers that specialise in retirement planning. Visit thepfs.org/about-us/what-we-do/for-the-public.

You should check the qualifications of any independent financial adviser you’re thinking of using. They must be qualified to Level 4 (or above) of the Qualifications and Credit Framework and have an up-to-date Statement of Professional Standing. You should also check whether they’re on the official register of the Financial Conduct Authority (FCA) which regulates independent financial advisers in the UK. You’ll find this at register.fca.org.uk/s.

Other useful organisations

The following organisations also offer free, impartial information and guidance to help you understand pension savings. They don’t offer personalised financial advice.