How to transfer your pension out of People's Pension
People's Pension serves 6.5 million pension savers, which makes it one of the UK’s workplace largest providers. It is run by not-for-profit provider B&CE, recently rebranded to 'The People's Partnership'.
If you're reading this, it's likely that you're either changing jobs, seeking better investment options, or simply wanting to consolidate multiple pensions, and therefore considering transferring your pension out of People's Pension. This can be a straightforward process—allow us to walk you through what's 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 Peoples' Pension
People's Pension 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 a new pension provider and set up a personal pension account (you may have done this already!). Penny is a great option for consolidating your pensions, but others exist also.Initiate a Transfer Request
Ask your new provider to start the transfer process. You might do this via their app, online, or via their member support team. You’ll need to provide some information about your People's Pension account 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 already Setup your Online account with People's Pension, you can login and view your Policy Number there: https://thepeoplespension.co.uk/log-in/
If you have old paperwork from People's Pension (eg. statements or a welcome letter), your policy number will be in the header of the front page.
You can call People's Pension customer service team on 0300 200 0555, tell them your name and NI number, and ask for your Policy Number.
Process the Request
Your new provider then requests the transfer from People's Pension. People's Pension will receive your pension transfer request via the electronic transfer system called Origo, and process it, which usually takes 4-6 weeks.Transfer of Funds
People's Pension 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 People's Pension 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.
