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Getting your pensions into one place

If you are an active member and you have got pension plans with previous employers, you can normally transfer them into your Plan. Keeping your pension savings in one place could make them easier to manage, cost you less and give you greater choice, but it might not be right for everyone.

There are a few things you need to consider before you make a decision, including:
• the charges for each plan
• whether there are any penalties for transferring
• whether there are any benefits or guarantees you might lose if you move your money
• what options are available at retirement


We can also accept transfers from a scheme where the transfer payment relates to your pension rights following a Pension Sharing Order.


Getting advice


We would always recommend taking financial advice to make sure that transferring is the right thing for you. If you require financial advice on your investment choices, you can find your nearest Regulated financial adviser by visiting MoneyHelper | Choosing a financial adviser. Please note, financial advisers will usually charge a fee for their services.


We will only accept a transfer payment from a pension plan that has safeguarded benefits or is invested in a With Profits Fund, if you have received financial advice that recommends you make the transfer.
Safeguarded benefits include some sort of guarantee about the rate of secure pension income that you, or your survivors, might receive.

Examples include:
• Defined Benefit plan (referred to as final salary pension)
• Has a Guaranteed Annuity Rate
• Has a Guaranteed Minimum Pension


You may be able to transfer from a Defined Benefit pension plan without advice if the value of your transfer is under £30,000. You should be aware of the risks of transferring from a Defined Benefit pension and understand the consequences of doing so. Please contact our helpline on 0345 675 0017 for further information.


We also cannot accept a transfer from a plan that is in income drawdown or flexi-access drawdown. You can check if any of these apply to you on your most recent pension statement from your previous provider.


What to do next


1. If you decide you want to transfer other pensions savings into this IBM Pension Plan, you can do this by completing the 'Transfer request form' which can be obtained by calling our helpline or emailing us at IBMPension@landg.com


2. Once you have made your decision and filled in the paperwork, return it to us and we will contact your previous pension provider and start the transfer process for you.


3. When the transfer has been completed, we will write to you to confirm how much was transferred.


The timescales to complete your transfer can vary. If your previous provider uses the pension provider paperless transfer service your pension transfer could be completed within 10 working days.


If we have to complete your transfer request through the post it will take longer, sometimes up to 8 weeks. This depends on your previous provider’s requirements and they may ask you to complete further forms to transfer your pension plan.

 

Guide to pension transfers

This explains what you should think about when deciding whether to transfer an old pension plan.

Manage your account

Keeping up to date with your pension savings is easy with our online service, Manage Your Account.

Finding lost pensions

You can find lost pension pots through the Pension Tracing Service.