Transfer Options

IMPORTANT NEWS
Our proposal to increase your with-profits savings

What is your proposal for with-profits savings?
We have made plans which we believe will not only secure the 35% capital distribution currently given when with-profits policy benefits are taken, but we also believe would enhance those benefits.

This has been made possible by an agreement to transfer the Society and all it policies to Reliance Life

Before you consider your transfer options, click here for more information

How does the transfer process work?
We will send you a statement of value and a transfer payment form. If you want to go ahead, after you have considered the information we have sent you, you will need to:

Contact the receiving company and ask them to send us

  • their bank details
  • confirmation they will accept the transfer
  • a copy of their HMRC registration certificate

Complete and return the Transfer Payment Form to us

 

How long does it take to make payment?
Once we have received everything we need we expect to make payment within seven days. We will send you and your new company written confirmation this has happened. You need to allow up to five working days for the payment to clear.

Where can I find the transfer form?
Transfer payment forms can be found under the Forms and Documents page 

Can you provide advice on whether I should transfer my pension fund?
No, we are unable to provide advice. We recommend you seek independent financial advice. A financial adviser will inform you of the fee they charge for their service. To find Independent Financial Advisers in your area, the website www.unbiased.co.uk is very helpful.

The Pensions Advisory Service is also able to provide you with free impartial information and guidance on all pension matters. Their telephone number is 0800 011 3797 and their website can be found at www.pensionsadvisoryservice.org.uk.

Alternatively, the Money Advice Service offers a range of guides on financial matters, including pensions. They can be contacted on 0800 138 7777 or via their website at www.moneyadviceservice.org.uk.

 

What is pension scam?
Normally, you can only take money from your pension once you are aged 55 or over, but some companies claim to let you gain access to your money earlier by borrowing from your pension fund and this is commonly known as a 'pension scam'. Early access to pensions is rarely in anyone’s long-term financial interests and can result in tax charges of up to 70% of your fund.

The Pension Regulator's website: 
http://www.thepensionregulator.gov.uk/individuals/dangers-of-early-pension-release.aspx sets outsets out ten clear steps on how to protect your pension. The Pensions Regulator and Financial Conduct Authority have also produced a helpful leaflet on "Pensions scams”.

The Financial Conduct Authority have a website where you can check their list of known scams; www.fca.org.uk/scamsmart.

Do consider this information before making a decision about your savings.

 

Who can I contact if I need more information?
Kindly refer to our contact us page.