Make sure transferring out is right for you
You’ll need to decide whether transferring out is right for you. Transferring out is a big decision. You should think carefully before committing yourself.
It’s a good idea to talk to an independent financial adviser who’s regulated by the Financial Conduct Authority (FCA). The government-backed MoneyHelper website has a guide to finding a financial adviser and a directory of FCA-regulated financial advisers who can give advice on pensions.
It’s also worth knowing that now:pensions have partnered with Pension Lab, an external provider, to make it simple to bring your other pensions into now:pensions. Read more here.
You must transfer all your savings
If you decide to transfer out, you’ll have to transfer all your now:pensions savings. You can’t transfer some out and leave some in now:pensions.
In now:pensions, you can only take your pension savings as cash when you retire. If you transfer out, other retirement options will be available to you. You’ll be able to use your pension savings to buy a guaranteed income for life, take them as flexible income, or mix your options.
Your transfer value quote
When you ask to transfer your pension savings out, we’ll give you a transfer value quote. That’s the value of your pension savings on the date of the quote.
Your transfer value on the date you transfer out may not be the same as your transfer value quote. It could be higher or lower.
This is because the value of your now:pensions savings at a given date is based on the investment values at that date. Investment values go up and down in line with changes in investment markets. Your transfer value will depend on the value of investments on the date you transfer your pension savings out to another pension provider.
How to transfer out
Stop paying in to now:pensions
You need to stop paying in before you can transfer your money out.
- Log in to now:u and go to Your payments. Choose Stop paying in.
- Go to the Stop paying in page on our website.
- Use the webchat on the website to ask for a Stop paying in form.
Start your transfer
You can usually start a transfer by speaking to your chosen pension provider.
There are two ways you can transfer out.
1. Ask your provider about Origo
now:pensions uses Origo, an industry-standard automated service that allows pension schemes to communicate directly with each other.
Ask your chosen pension provider if they use Origo. If they do, they’ll ask for some information about your now:pensions account – but they’ll then be able to handle the rest of the transfer for you. They’ll tell us you want to transfer out, so you don’t need to.
2. Download a transfer pack
If your new provider doesn’t use Origo, you’ll need to download a transfer pack. This includes forms for you to fill in and forms to send to your chosen pension provider.
It may look like a lot of forms, but we’ve designed them to take you through the process step by step, telling you what you need at each step.
- Log in to now:u, go to Find and transfer and choose Get a transfer pack.
- Download and print the pack. Read it all carefully first, then fill in the forms.
- You’ll need to send some of the forms to your chosen pension provider, ask them to fill their details in, and send them back to you.
- Once you’ve got all the completed forms, send them to the address in the transfer-out pack. It’s likely you’ll need to send documents, such as birth or marriage certificates, to prove your identity. Please check which documents you need to send, whether they must be original versions or can be copies, and remember to enclose them.
- We’ll check all the details you’ve given us and contact you if we have any questions, or we need anything else from you to process your transfer.
- We’ll email to tell you when the money’s gone over to the other provider. Then we’ll close your now:pensions account.
