Transfers in:
If you have retirement savings elsewhere, for example if you recently joined Honeywell from a different company, you may want to transfer these savings into the Plan.
Read more about transfers in.
If you have retirement savings elsewhere, you can transfer into the Plan, please complete this form and send it the Plan Administrator and the administrator or provider of your previous employer. They will then organise the transfer. If your savings are significant, you should consider taking independent financial advice before deciding to transfer.
Transfers out:
If you opt out of the Plan or leave Honeywell, you can transfer the value of your Pension Account to another pension arrangement.
Read more about transfers out.
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.
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:
Certain providers and schemes won’t accept a transfer unless you’ve taken financial advice.
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.
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.
Partial transfers:
A partial transfer enables you to take some money out of the Plan and invest it elsewhere. The Trustee of the Plan will consider requests from active and deferred members wishing to take a partial transfer of their Pension Account to another approved pension arrangement.
Read more about partial transfers.
- Partial transfers need Trustee consent to go ahead
- You may take one partial transfer during your membership
- Up to 50% if a Pension Account may be transferred provided at least £15,000 remains in your Pension Account
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.