PARTIAL TRANSFER POLICY – KEY INFORMATION
Any request for a partial transfer that falls outside of these criteria will need to be considered by the Trustee in consultation with the Company. If the request is granted, you will need to meet the costs of the transfer.
1 YOU’D LIKE TO TAKE A PARTIAL TRANSFER
If you wish to take a partial transfer you should contact the Plan Administrator so that Trustee approval can be obtained.
Contact the Plan Administrator
Email: honeywellretirementplan@willistowerswatson.com
Telephone: 0800 916 8088
Address: Honeywell Retirement Plan, Sunderland, SR43 4JU
2 FINANCIAL ADVICE
If you think a partial transfer is an appropriate route for you, the Trustee recommends that you seek financial advice.
Where can I find a financial adviser?
You can find a financial adviser by visiting the MoneyHelper’s page on choosing a financial adviser.
NEXT STEPS
After your partial transfer request has been approved, there are several steps to follow.
3 INSTRUCTING THE PARTIAL TRANSFER
Complete transfer forms
Once the Trustee has approved the partial transfer request, the Plan Administrator will contact you for details of the receiving arrangement and to request the completion of the relevant transfer forms. Once all the documentation is in place the Plan Administrator will instruct the sale of assets.
Splitting it evenly
Unless you instruct a particular split, your Pension Account investments will be sold across each of your funds. For example, if a Pension Account is invested in 3 funds and you wish to transfer 47% of the Pension Account, the Plan Administrator will sell 47% of each of the 3 funds.
It's your choice
Alternatively, you can instruct a sale as a percentage from funds of your choice, rather than equally across each of the funds in which they are invested. You may also specify the value amount in pounds (£) you wish to sell from each fund(s).
Please note a mixture of percentages and amounts is not possible.
Partial transfers to a drawdown arrangement
The Trustee has arranged access to a drawdown provider, LifeSight (through WTW), for members who are interested in taking a flexible income from their retirement savings, whilst continuing to remain invested. Alternatively, you are free to choose other providers if preferred.
If you are aged 55 and over, you may request a partial transfer to LifeSight or an alternative drawdown arrangement. If you wish to take a tax-free lump sum as part of the transfer, this payment will be made by the LifeSight administration team, or the chosen drawdown provider once the transfer has completed.
Any income from the drawdown arrangement will result in the reduced Money Purchase Annual Allowance applying to future pension savings.