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Introduction to transferring money from another pension scheme into your Pension Account

If you are working at Which? and contributing to the Scheme, it may be possible to transfer money from another registered pension arrangement into your Which? Pension Account - for example if you have a pension from a previous job or if you have a personal pension. If you are no longer working for Which? it is not possible.

When considering making a transfer to your Which? Pension Account please bear the following points in mind:

  • It is not always in your best interest to transfer your money from another pension arrangement.
  • There is no guarantee that you will receive a higher pension than if you left your money in your previous arrangement.
  • No-one at Which? is authorised to give you financial advice.
  • The Trustees are not obliged to accept any transfer.

Legislation does not allow the Scheme to accept any transfer containing “contracted out rights” built up as a result of contracting out of the State Second Pension, formerly the State Earnings Related Pension Scheme. (Before 6th April 1997, these were known as “Guaranteed Minimum Pensions”).

The Pensions Manager will be able to tell you whether or not a transfer can be accepted, so please do ask if you have another pension.

Your Trustees urge you to seek independent financial advice before making a decision to transfer.

If your request to transfer is accepted, the money received will be added to your Pension Account and invested in the same funds as your monthly contributions, according to your chosen Selected Retirement Age. If you prefer you can have the money invested in the Ethical UK Equity Index Fund.

If you are interested in transferring a pension, please visit the Pensions Team page on the Intranet entitled “Maximise your benefits” or contact us for more information.