Transfer process

Newquay, Cornwall

If you are thinking of transferring an existing pension into the Plan, or maybe you are considering moving your benefits to a new employer, click below to find out more.

  • Transferring into the Plan

    If you are interested in having all your savings in one place, you have the option to explore moving any other pension savings, either from a previous employment or personal pension, into the Plan.

    This involves payment into the Plan from another pension arrangement for the sum of the benefits you have built up. However, doing this means you will give up any benefits from the other pension arrangement.

    You should speak with an independent financial adviser first, to see if this is the best decision for you. You can visit the MoneyHelper website to find an independent financial adviser in your area.

    You can request a transfer-in but it is not possible to transfer-in to the Plan once you have left Pearson, started receiving your benefits, or opted-out. Please complete our transfer in information request form if you would like to start this process.

  • Transferring out of the Plan

    You are only able to transfer out of the Plan once you are no longer contributing to the Plan. A transfer can be made to a new employer’s pension or to a personal pension.

    You need to be aware that the law requires you to provide evidence of financial advice being taken if a Defined Benefit (DB) transfer value is over £30,000 and you are not transferring to another DB arrangement. Click here to find an independent adviser in your area on the MoneyHelper website.

    Please note: If you joined the MP03 section prior to 6 April 2016 and you decide to transfer your pension pot out of the Plan the transfer must be treated as if it were a Defined Benefit (DB) to Defined Contribution (DC) transfer.  The means that any transfer value in excess of £30k will require regulated financial advice and there will be a cost to receiving this transfer advice. Please click here to find out more.

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