Transfers & partial transfers

You might be considering transferring some or all of your Fund benefits to a different provider, to have more flexibility in how you could take your retirement savings. But if you transfer, you could be worse off. That’s because you’ll be giving up a guaranteed income for life (which may increase to keep up with inflation) as well as valuable benefits for your loved ones when you die, in exchange for a fixed amount of money that could run out.

10 things to think about

Before you get financial advice about transferring, consider the following:

1. Your Fund income is guaranteed for life. Your Fund pension income is guaranteed to last for the rest of your life, and you know what you’re going to get every month. An average 55-year-old man today will live to 85. A woman will live to 88.
2. The Fund gives you a cash option. With the Fund, you can take some of your future benefits as tax-free cash. That way, you and your spouse get some cash AND a guaranteed income for life.
3. The Fund helps against inflation. Your income from the Fund can go up each year, to give you valuable protection against inflation.
4. The Fund protects your family. With the Fund, your spouse or partner will get an income if they outlive you – so can your dependent children. You don’t need to worry about leaving them with nothing.
5. The Fund takes away worries. Your monthly income from the Fund can’t go down. If you transfer out, you might have to manage investments and pay advisers. This can be hard to do – especially if your health gets worse.
6. Your Fund income is likely to be worth more. A transfer value can seem like a lot of money. But remember: it might need to last you the rest of your life. And it’s unlikely to be as much as the total value that the Fund would give you and your family – especially if you and your spouse or partner live longer than you expect.
7. The Fund is better for most people. The Financial Conduct Authority says that most people with defined benefit pensions like the Fund “will be best advised to keep them” rather than transfer out. Your financial adviser will start from that position.
8. You can’t change your mind. If you transfer out, you can’t go back to the Fund. So it’s really important that you take time to properly weigh up the pros and cons. Talk to your spouse or partner about what happens to their income if they outlive you.

9. Good advice is worth paying for. With a big decision like transferring out, it’s well worth paying to see an independent financial adviser. To protect you, the government requires you to get advice if your transfer value is over £30,000. The NatWest Fund Trustee has secured preferential advice services for you with LV= Financial Advice Services Limited. You will need to opt out of the Fund first. Alternatively, you can find another financial adviser regulated to provide pension transfer advice.

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10. Watch out for scammers. 8 people a second are contacted by scammers, trying to cheat them out of their pension.

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Your transfer quote

Log in to view your personal quote

Once you’ve run a quote, you will have more resources available to you to explore partial transfers or to get advice through LV by viewing your quote on the Quote History page.

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Your transfer timeline

Transferring out can take longer than you’d expect. If you are still working at the bank, you will need to opt out first, which can take up to 2 months. You’ll then be able to get a guaranteed quote, but you will also need to get advice within the guaranteed period of the quote (3 months). To help you understand more about the process, and how much time you should allow, use the online Retirement Timeline. You’ll need to fill in your intended transfer date, and we’ll give you a steer of what you should be doing, and by when, to be able transfer at your chosen date.

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Get advice

If the total value of your pension is more than £30,000, you will need to get advice and approval from an Independent Financial Adviser before you can transfer out.

Find out more about getting financial advice

If you’re ready to transfer

1. Do the paperwork

   1. Download and print the full Guide to Transferring (you’ll already have this if we sent you a transfer pack in the post).
   2. Complete and post the following back to us at least 3 weeks before the transfer value guarantee deadline (or 6 weeks before if you are transferring APeCs and/or AVCs):
      • Forms:
        • Financial advice form
        • Transfer request form, ensuring you complete the % you would like to transfer
        • Identity information form
        • Receiving Scheme form
        • Financial guidance forms, which we’ll need if your transfer value is £30,000 or more.
      • A copy of the photo page of your passport.

2. We’ll process your request

   1. If we receive your completed paperwork 3/6 weeks before the guarantee deadline. If we receive paperwork after this, we can’t guarantee that we’ll be able to process your request before your transfer quotation expires. This means your transfer value will no longer be guaranteed and it could go down in the future.
   2. We’ll contact you if anything is missing.
   3. We’ll contact any APeCs/AVCs providers to get the value of these benefits.