You can then choose to:

  • transfer the value of your Pension Account to another pension arrangement; or
  • keep your Pension Account in the Plan until you retire.

If you move jobs 3 or 4 times in your career, perhaps consolidating your retirement savings so they’re easier for you to manage is something to consider.

Below we explain the practical considerations of transferring your Pension Account and leaving the Plan. If you think you’d like to transfer, there’s also a Step-by-Step guide to how to arrange a Transfer (see below).

Stay in touch

Make sure we have your personal email, phone and address details, so you don’t miss out on helpful updates about your Pension Account. You can update these online when you log into the member website.

Transfer to a new pension pot Keep in the Plan
Transfer to a new pension pot You can transfer your Pension Account to a new employer’s pension plan, another pension arrangement that you’re currently contributing to or you can set up a self-invested personal pension if you prefer. You can keep your Pension Account in the Plan
Transfer to a new pension pot Pros:
  • easy to manage – as you may have multiple (4 or 5) pension pots to manage
  • although the Plan’s charges are competitive – lower ones may be available
    		•  Pros:
  • your Pension Account is invested in a well-run pension scheme where the Trustee monitors performance and the appropriateness of the Plan fund charges for investing your Pension Account are also assessed independently each year
    		•
    Transfer to a new pension pot Cons:
  • time needed to sort out the transfer
  • no guarantees that your pension pot will perform better than the funds it is currently invested in
  • there are some costs and risks associated with moving your pension pot from one arrangement to another – usually these are due to costs buying and selling the underlying assets
    		•  Cons:
  • one more thing to manage – you need to keep in touch with the Plan and regularly log on to check how well your Pension Account is performing
  • one more pension pot to manage when you reach retirement
    		•
    Find out about consolidating your pension pots at:

    https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-contribution-pension

    STEP-BY-STEP GUIDE TO TRANSFERING YOUR PENSION ACCOUNT

    dash icon plus icon
    envelope icon

    Step 1:

    Request a Transfer Quote and Transfer Pack from the Plan Administrator. You can do this by emailing them at:

    honeywellretirementplan@willistowerswatson.com

    To enable the Plan Administrator to check your identity, please include your month of birth, postcode and the last 4 characters of your National Insurance number in your email.

    You can also call to request a Pack on 0800 916 8088.

    You should allow 10 working days for us to send you your Pack.

    Please note the value of your Pension Account quoted on your Transfer Statement is not guaranteed and moves in line with markets on a day-to-day basis. You can check the current value of your Pension Account on the member website at any time.

    dash icon plus icon
    send icon

    Step 2:

    Consider taking financial advice, especially if your Pension Account is a significant part of your retirement savings. You can find details of a Financial Conduct Authority registered financial adviser at:

    https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/find-a-retirement-adviser

    Certain providers and schemes won’t accept a transfer unless you’ve taken financial advice.

    dash icon plus icon
    pencil icon

    Step 3: If you decide you want to transfer your Pension Account

    Complete your Transfer Form and send by post or email scanned copies to the Plan Administrator. You’ll also need to send a Transfer Form to the scheme or provider you wish to transfer to.


    Scams check!

    There’s a Scams Checklist with ‘Transfer out member consent’ form to check if there are any warning signs that you’re at risk of a scam. This could be because your responses signal a scam, or that the arrangement you want to transfer to is ‘on record’ as a scam.

    The Plan Administrator checks your Transfer Forms and, if there are warning signs, your details are passed to an organisation called Scams Scan who will call you to talk through your Transfer request if a risk has been identified. The Trustee reserves the right to not consent to transfers if appropriate.

    If there are no red or amber flags, your transfer will proceed and you should allow 10 working days for your Pension Account to be sold, and the proceeds sent to your new arrangement.

    dash icon plus icon
    send icon

    Step 4:

    Once the transfer has been made, the Plan Administrator will send you and the new arrangement a letter confirming that the money was transferred from your Pension Account.