Any pension which you have accrued elsewhere can be transferred to us. We refer to this as value transfer. You can also transfer any pension you accrued with us to another pension provider.
Transferring your pension to us
Have you accrued pension elsewhere through your previous employer (employers)? If so, you can transfer this pension to us. We refer to this as value transfer.
Please note: you can only transfer your pension to us if our coverage ratio is higher than 100%. Is our coverage ratio lower than 100%? You can request a proposal. We will then process this as soon as our coverage ratio is above 100% again. View the current coverage ratio here.
Whether or not it is sensible to transfer your pension depends on your previous pension scheme, as well as your personal situation and wishes. For example, you may want all your pension to be in one place. However, this can sometimes be disadvantageous.
When making a decision you should consider the following:
1. What are the differences between your old and your new pension schemes?
Every pension scheme is different. It is, therefore, very important that you compare your old and your new pension schemes. You should pay attention to the following points:
- When can you retire?
- What options do you have when you retire?
- What arrangements have been made for your partner if you predecease him/her?
- Are you running any investment risks in your previous scheme?
- Will your pension be increased every year (i.e. is it index-linked)?
What are the coverage ratios of your old and new pension funds? By clicking this link, you can find information about our coverage ratio .
The list above is not exhaustive. Whether it would be sensible for you to transfer your pension is not a decision we can make for you, nor are we allowed to advise you in this respect. If you are in doubt, please contact an independent adviser.
Transferring your pension to another pension provider
You can transfer the pension you have with us to another pension provider. In which case, when you retire, you will receive your pension from your new pension provider and not from us.
Please note: We can only send a proposal to your new pension administrator if our coverage ratio is higher than 100%. Is our coverage ratio lower than 100%? Then you must request a proposal from your new pension administrator. We will send you this proposal as soon as our coverage ratio is above 100% again. View the current coverage ratio here.
And are you no longer accruing pension with us? If so, we will automatically transfer your pension to your new pension provider. You do not need to take any action. In this way, we ensure that the pension you accrued with us and the pension you accrue with your new pension provider are placed under one ‘roof’. As soon as your pension has automatically been transferred, you will receive a letter from us. And, as soon as the automatic transfer has been finalised, you will receive a letter from your new pension provider.
In that case you do not need to take any action either. For a period of 5 years we will check whether or not you have a new pension provider. If we discover you have a new pension provider in that period, we will automatically transfer your pension to your new pension provider. If you do not have a new pension provider after 5 years, your pension will stay with us.
And are you no longer accruing pension with us? If so, your pension will expire on statutory grounds. The amount will flow back into the Pension Fund’s collective pot. In this way all our participants can benefit.
