Moving your existing Pension

You will be able to set up a new Cavendish Online FundSupermarket pension and transfer your existing pension/s into it to beneift from the low cost charges.

The combined total of your pensions must be over £10,000 to carry out the transfer/s.

How do I transfer my pension/s?

Please visit our How to Apply page and complete the transfer application online.

 

Please see some of the frequently asked questions about transferring your pension below:

What are the advantages of transferring your pension/s?

As well as the competitive charges, having only one administrator means that you will receive only one set of paperwork and you will be able to access your pension online making it easier to manage.

You will also benefit from a wide choice of funds and fund managers which will be particularly useful if your current pension/s offer limited investment choice or are underperforming.

What are the disadvantages of transferring your pension/s?

Transferring existing pensions may not be suitable for everyone and there are a few things that you will need to consider. For example, you may have an existing pension that allows you to retire early, have more than the standard 25% tax-free cash upon retiring or have guaranteed death benefits in excess of the value of your pension etc.

You should also check whether there are any exit charges or penalties if you transfer out of your current pension. For more details please read the Transfer Factsheet.

What type of pensions are eligible to transfer?

You will be able to transfer values from any of the following sources:

  • Stakeholder Pensions
  • Personal Pensions
  • SIPPs
  • Deferred Occupational Defined Contribution (without guarantees) *
  • Most Additional Voluntary Contributions (AVC’s) and Freestanding AVC’s
  • Section 32 Buy Out Plans (without guarantees)
  • Retirement Annuity Contracts (RAC’s)
  • Small Self-Administered Scheme (SSAS)
  • Section 226 plan
  • Pension Schemes already paying an income (Drawdown DC)
  • QROPS - GBP payment only - (Qualifying Recognised Overseas Pension Scheme)

 

*Deferred meaning that you are no longer an active member of the occupational scheme, ie the pension is payable in the future and you no longer work for that employer or contributions are no longer being credited to that pension.

If you have any queries please contact admin@cavendishonline.co.uk or call 03456 44 25 44.


What type of pensions are NOT eligible for transfer?

Unfortunately you will not be able to transfer from any of the following sources:

  • Any type of Defined Benefit/Final Salary Scheme
  • Additional Voluntary Contributions schemes (AVC) linked to defined benefit schemes
  • Employer sponsored schemes where your employer and / or you continue to make contributions
  • Deferred Occupational Defined Contribution (with guarantees) *
  • Executive Pension Plans
  • Section 32 Buy Out Plans (with guarantees)
  • Occupational Hybrid Schemes
  • Incentive  or Enhanced transfer Payments
  • Overseas Pension Schemes (non-GBP payment)
  • Share Plan Scheme
  • Unregistered Pension Plans
  • Non-Platform Fund Assets of SIPP

 

*Deferred meaning that you are no longer an active member of the occupational scheme, ie the pension is payable in the future and you no longer work for that employer or contributions are no longer being credited to that pension.

If you are not sure whether your exisitng pension is eligible please contact Cavendish Online.

How it works?

Re-registration Transfer

If the funds (including the specific share class) you hold in your existing pension are available on FundsNetwork and your existing pension provider supports the re-registration process, we will move your pension into the same funds via re-registration. When this is not possible, your funds will be sold and the cash balance transferred to your Pension Cash Account. You can then re-invest this money in new funds when you are ready.

Please be aware that the minimum pension re-registration that FundsNetwork will accept is for £50,000.

Cash Transfer

Alternatively, if the funds (including the specific share class) you hold in your existing pension are not available on FundsNetwork you can choose to have the assets in your old pensions sold and the proceeds transferred to the FundsNetwork Pension as cash, which we will invest into your chosen fund selections. If you have not made any fund choices, we will place your money in your Pension Cash Account until you are ready to choose new funds.

Please be aware that the minimum pension cash transfer that FundsNetwork will accept is for £10,000.

Please note that if your pensions are moved to us as cash, you will be ‘out of the market’ while your money is being transferred, which means you will miss out on any rises or falls that occur during this time. If your existing pension provider has signed up to an industry accepted paperless transfer service your transfer should be completed in about 10 business days. If not, the transfer could take between four and eight weeks.

Cavendish Online FundSupermarket Pension:

  • LOW CHARGES
  • ONLINE ACCESS
  • OVER 3,300 FUNDS AVAILABLE

Take out a new pension or transfer your existing pension and lower your charges.