Pension Transfers and Repensioning

In order to obtain the lowest possible Annual Management Charge (AMC) for your existing pension fund, you will need to set up a new pension through Cavendish Online and transfer your existing pension fund into it. We call this process Repensioning.

The AMC on your existing pension is fixed and cannot be reduced. A new plan must be opened to obtain our AMC discount. Cavendish Online charges a one-off fee of £70.00 to cover both transactions*

NOTE: Standard Life, Clerical Medical & AXA do not allow Repensioning. However, there are some ways to circumvent this restriction as seen below.* Scottish Equitable limit the option to their Stakeholder plan.

To Transfer or Repension your existing plan you will need to send us the following:

1. A New Stakeholder / Personal Pension Application Form, completed with details of any ongoing direct debit payments and/or lump sum cheque payments into the new plan. You will need to include your fund choices for the new plan. This form is available on the individual company page below.
2. A completed Transfer Application Form, for the same pension provider and pension type, completed with details of the transfer and your fund choices for the transfer money. (Some companies combine the two forms. Please check on individual company page below.
3. Money Laundering Verification Documents. Originals or certified copies (more info) of your Passport or Driving Licence AND a recent utility bill or bank statement showing your address.
4. Our Client Declaration form.
5. Our one off £70.00 fee (cheque made payable to Cavendish Online, or pay online here using the reference PENTRNS). £75 if you would like your ID documents returned via registered post.
6. A Transfer Valuation and Discharge Forms. Call your existing pension provider and let them know you are transferring the pension. They can then post these forms out to you. You may also want a comparative current valuation to check if you will lose any additional benefits by moving the money. The discharge forms can be obtained mid-transfer, but sending them in initially speeds up the process considerably

Other Documents

1. Money Laundering Documents from your employer, if they will be paying into your new pension. A letter on company headed paper stating that they are paying into your plan and listing the main signatories/directors. We also require proof of the company address, i.e. a recent utility bill.
2. A cheque for your contribution made payable to the new pension company is required if you are making a new lump sum payment into the new pension, in addition to the transfer.

Click on each company below to print off their Transfer Application Form. Please contact us if you have a question about a provider not listed.

*AXA and Standard Life do not allow direct Repensioning and Scottish Equitable limit the option to their Stakeholder Pension. You can circumvent this restriction by transferring to another provider and then transferring back to AXA/Standard Life. It is more laborious for you and involves an additional fee to Cavendish Online, because there are two transfers (from and then back to your current provider). As there are no longer initial charges or bid-to-offer spreads on Pensions, there should, however, be no other cost involved in this process, and will still save you money in the long term.