How to transfer your pension out of Legal & General
Legal & General is one of the largest UK-based workplace pension schemes, offering defined contribution employer schemes. Legal & General currently has approximately 4 million members across the 4,000 pension schemes.
You might be changing jobs, seeking better investment options, or simply wanting to consolidate multiple pensions, and therefore considering transferring your pension out of Legal & General. Here, we’ll walk you through the steps involved.
What is a Pension Transfer?
A pension transfer is when you move your pension funds from one provider to another. It's a simple process, often entirely digital, though there are some important points to consider.
When you transfer, your existing investments are sold, and the proceeds are turned into cash. This cash is then transferred to your new pension provider (just like a bank transfer) and reinvested according to your new plan. Most pension providers manage this process for you so you won't need to do anything in the transfer process.
Why Transfer Your Pension?
You might consider transferring your pension if:
You’re changing job.
Your current pension scheme is closing.
You want a better pension scheme with different investment options or lower fees.
You want to consolidate multiple pensions into one pension account.
The Steps to Transfer Your Pension from Legal & General
Legal & General uses Origo, the electronic pension transfer system. Transferring your pension from them to another provider typically involves the following steps:
Set Up a New Pension Account
First, choose your new pension provider. If you haven’t done so, set up a personal pension account. Penny is a great option for consolidating your pensions, but there are others that exist also.Initiate a Transfer Request
Ask your new provider to start the transfer process. You’ll need to provide some information about your Legal & General pension such as your name and policy number. If you're using Penny, we'll gather this information for you.
For other providers you'll need to provide your policy number. You can find your Policy Number in a few ways:If you've registered for an Online Account, you can login and view your Policy Number there: https://myaccount.landg.com/
If you haven't registered, you can do so fairly easily, usually just with your name, date of birth and post code.
Hint: try using the post code of the address you lived at when you started the job you believe this pension is from.
Once registered, you can view your policy number in your account area.
Note: In some rare cases you will also need to enter your policy number to register for your account.You can also find your policy number on old paperwork from Legal & General (or an initial welcome pack from your employer). Your policy number will be in the header of the front page.
You can call Legal & General customer service team on 0333 666 2626, tell them your name and NI number, and ask for your Policy Number.
Process the Request
Your new provider then requests the transfer from Legal & General. Legal & General will receive your pension transfer request via the electronic transfer system called Origo, and process it, which usually takes 2-4 weeks.Transfer of Funds
Legal & General will transfer the funds to your new pension account. Your new provider should notify you when the transfer is complete. With Penny, you can track the progress in our app and receive automatic updates throughout the process.Completion
Once the transfer is complete, your funds will be in your new personal pension account, and your Legal & General pension pot will be closed.
How Penny can help
At Penny, we handle all the hard work. We simplify the entire process, making it fast and digital—no paperwork! Plus, we can transfer all your pensions completely free, regardless of how many you have or their size.
Things to Consider
Before transferring, compare the fees, benefits, and investment options of the new provider. Keep in mind that with pensions, your capital is at risk, and it's important to ensure the investments and features available are suitable for you.
For free, impartial information about transferring your pension, visit MoneyHelper. You can also seek advice from an independent financial adviser, though be aware that there may be a cost for their services.
Transferring your pension can lead to better management and potentially better growth of your retirement savings. With Penny, we make the process as smooth and straightforward as possible.
Ready to get started? Download the Penny app and take control of your pension today.
