Transfer your pension

You’ll need to ask your current pension provider for some information.

Their answers will help you decide if you should transfer.

Your provider’s pension statement will contain a lot of information, but not everything.  

What you’ll need to ask them

• The current value of your pension – we’ll need this when we request the funds from them
• The transfer value of your pension – a different current value and transfer value can indicate if there are penalties or charges for transferring and this will help you decide if you should move your pension
• What charges are applied to your pension - it’s important to compare these to the pension you are transferring in to. If these are higher, you could get less in retirement. The charges can be found in the Key Features of the Personal Pension Account
• If your pension includes safeguarded benefits or other guaranteed features, you will lose them when you transfer your pension to us. Below are some of the more common ones:
  • Defined benefits or final salary schemes - these provide a guaranteed income for life
  • Guaranteed Annuity Rates - these provide guaranteed rates to turn your pension into an income. The income tends to be higher than those currently available
  • Guaranteed growth - some pension plans are invested in funds that are guaranteed to grow at a minimum rate. These rates could provide you with a larger pension fund in retirement
  • Enhanced or protected tax-free cash - when you reach retirement age, with our·pensions you can take up to 25% of the value of your pension as a tax-free lump sum. Some pensions however may allow you to take more. The tax treatment of pensions depends on individual circumstances and can change
  • Life insurance or dependent benefits - some pension plans can have additional benefits like life insurance and these may be difficult or expensive to replace
  • Guaranteed lump sums - these pay a sum of money in circumstances such as the death of the pension holder
  • Guaranteed Minimum Pension or Section9(2b) rights (or other safeguarded benefits) - these provide a guaranteed minimum pension income
  • Protected pension age - these are normally only available to people in certain occupations. By transferring to us, you would only be able to take your pension benefits from your 55th birthday (57 from 2028)

Please call us on 0800 622323 if you have any questions.

You’ll need to ask your current pension provider for some information.

Their answers will help you decide if you should transfer.

Your provider’s pension statement will contain a lot of information, but not everything.  

What you’ll need to ask them

• The current value of your pension – we’ll need this when we request the funds from them
• The transfer value of your pension – a different current value and transfer value can indicate if there are penalties or charges for transferring and this will help you decide if you should move your pension
• What charges are applied to your pension - it’s important to compare these to the pension you are transferring in to. If these are higher, you could get less in retirement. The charges can be found in the Key Features of the Stakeholder Pension Plan
• If your pension includes safeguarded benefits or other guaranteed features, you will lose them when you transfer your pension to us. Below are some of the more common ones:
  • Defined benefits or final salary schemes - these provide a guaranteed income for life
  • Guaranteed Annuity Rates - these provide guaranteed rates to turn your pension into an income. The income tends to be higher than those currently available
  • Guaranteed growth - some pension plans are invested in funds that are guaranteed to grow at a minimum rate. These rates could provide you with a larger pension fund in retirement
  • Enhanced or protected tax-free cash - when you reach retirement age, with our·pensions you can take up to 25% of the value of your pension as a tax-free lump sum. Some pensions however may allow you to take more. The tax treatment of pensions depends on individual circumstances and can change
  • Life insurance or dependent benefits - some pension plans can have additional benefits like life insurance and these may be difficult or expensive to replace
  • Guaranteed lump sums - these pay a sum of money in circumstances such as the death of the pension holder
  • Guaranteed Minimum Pension or Section9(2b) rights (or other safeguarded benefits) - these provide a guaranteed minimum pension income
  • Protected pension age - these are normally only available to people in certain occupations. By transferring to us, you would only be able to take your pension benefits from your 55th birthday (57 from 2028)

Please call us on 0800 622323 if you have any questions.

You’ll need to ask your current pension provider for some information.

Their answers will help you decide if you should transfer.

Your provider’s pension statement will contain a lot of information, but not everything.  

What you’ll need to ask them

• The current value of your pension – we’ll need this when we request the funds from them
• The transfer value of your pension – a different current value and transfer value can indicate if there are penalties or charges for transferring and this will help you decide if you should move your pension
• What charges are applied to your pension - it’s important to compare these to the pension you are transferring in to. If these are higher, you could get less in retirement. The charges can be found in the My Investments Guide to Charges
• If your pension includes safeguarded benefits or other guaranteed features, you will lose them when you transfer your pension to us. Below are some of the more common ones:
  • Defined benefits or final salary schemes - these provide a guaranteed income for life
  • Guaranteed Annuity Rates - these provide guaranteed rates to turn your pension into an income. The income tends to be higher than those currently available
  • Guaranteed growth - some pension plans are invested in funds that are guaranteed to grow at a minimum rate. These rates could provide you with a larger pension fund in retirement
  • Enhanced or protected tax-free cash - when you reach retirement age, with our·pensions you can take up to 25% of the value of your pension as a tax-free lump sum. Some pensions however may allow you to take more. The tax treatment of pensions depends on individual circumstances and can change
  • Life insurance or dependent benefits - some pension plans can have additional benefits like life insurance and these may be difficult or expensive to replace
  • Guaranteed lump sums - these pay a sum of money in circumstances such as the death of the pension holder
  • Guaranteed Minimum Pension or Section9(2b) rights (or other safeguarded benefits) - these provide a guaranteed minimum pension income
  • Protected pension age - these are normally only available to people in certain occupations. By transferring to us, you would only be able to take your pension benefits from your 55th birthday (57 from 2028)

Please call us on 0800 622323 if you have any questions.

You are making the following transfer payments into your Personal Pension Account

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You are making the following transfer payments into your Select Pension Plan

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You are making the following transfer payments into your Stakeholder Pension Plan

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Your payment will be applied proportionally across your current fund holding, which may be different to your original investment.

If you would like to speak to someone about your NFU Mutual pension, you can call us 9am-5pm Monday to Friday on  0800 622323.

The transferred amount will be applied based on the latest instructions you have given us regarding investments in your NFU Mutual pension.

If you would like to speak to someone about your NFU Mutual pension, you can call us 9am-5pm Monday to Friday on  0800 622323.

Important documents

So that you are aware of the pension you are transferring in to, we ask that you familiarise yourself with the key features of the Personal Pension Account.

More information on the pricing of units and other important information can be found in your policy document. To obtain a copy of your policy document you should contact us.

We have provided an example illustration to show the effects of charges on potential returns from a specific fund. You will receive a personalised illustration based on the final amount that is transferred and the funds invested into. Before proceeding, please review the Personal Pension Account Example Transfer Illustration.

Please also familiarise yourself with the fund(s) that the transferred payment will be invested in by reading ‘your guide to our funds’.

Important documents

So that you are aware of the pension you are transferring in to, we ask that you familiarise yourself with the Key Features of the Select Pension Plan.

If you have a My Investments account you can log in and view your current fund allocation. If you would like to speak to someone about your Select Pension Plan you can call us, 9am-5pm Monday to Friday, on 0800 622 323.

More information on how funds are cleared, the pricing of units and other important information can be found in the My Investments Terms and Conditions.

We have provided an example illustration to show the effects of charges on potential returns from a specific fund. You will receive a personalised illustration based on the final amount that is transferred and the funds invested into. Before proceeding, please review the Select Pension Plan Example Transfer Illustration.

Fund charges are associated with each of the funds we offer, these charges are deducted by the fund manager to cover the costs of setting up/managing their funds.

Please review the charges for the funds that your Select Pension Plan payment will be invested into:

My Investments Guide to Charges [PDF: 164KB]

Please also familiarise yourself with the funds that your payment will be invested in by reading the appropriate Key Investor Information Document(s):

NFU Mutual Fixed Interest Fund Key Investor Information Document

NFU Mutual International Equity Fund Key Investor Information Document

NFU Mutual Mixed Portfolio 20 – 60% Fund Key Investor Information Document

NFU Mutual Mixed Portfolio 40 – 85% Fund Key Investor Information Document

NFU Mutual Mixed Portfolio Max 100% Fund Key Investor Information Document

NFU Mutual With-Profits (Risk Level 2) PN Series D1 Key Investor Information Document

NFU Mutual With-Profits (Risk Level 3) PN Series D1 Key Investor Information Document

NFU Mutual UK Equity Fund Key Investor Information Document

NFU Mutual UK Equity Income Fund Key Investor Information Document

abrdn Global Sustainable Equity Fund Key Investor Information Document

abrdn UK Real Estate Feeder Fund Key Investor Information Document

Columbia Threadneedle High Yield Bond Fund Key Investor Information Document

JP Morgan GBP Liquidity Fund Key Investor Information Document

Jupiter UK Smaller Companies Fund Key Investor Information Document

Important documents

So that you are aware of the pension you are transferring in to, we ask that you familiarise yourself with the key features of the Stakeholder Pension Plan.

More information on the pricing of units and other important information can be found in your policy document. To obtain a copy of your policy document you should contact us.

We have provided an example illustration to show the effects of charges on potential returns from a specific fund. You will receive a personalised illustration based on the final amount that is transferred and the funds invested into. Before proceeding, please review the Stakeholder Pension Plan Example Transfer Illustration.

Please also familiarise yourself with the fund(s) that the transferred payment will be invested in by reading ‘your guide to our funds’.

There are 2 more actions to complete your request:

1. Confirm you are happy to proceed
2. Agree to the declaration and submit your request

If you have any question or concerns, please call us on 0800 622323.

Confirm that you are happy to proceed by accepting the following:

• I’ve checked that the pension can be transferred to NFU Mutual and I confirm that my answers are, to the best of my knowledge, correct
• I understand that my investments in my existing pension will be sold, with the cash transferred to my existing NFU Mutual Personal Pension Account. I understand that there will be a period of time where money wont be invested. I will miss out on any potential investment growth during this period.
• NFU Mutual will request my pension funds using an ‘electronic transfer’ system. If my current pension provider cannot accept this request, I understand that to continue with the transfer from the provider, I can do so by having an appointment with a Non-Advised Sales Consultant.

There are 2 more actions to complete your request:

1. Confirm you are happy to proceed
2. Agree to the declaration and submit your request

If you have any question or concerns, please call us on 0800 622323.

Confirm that you are happy to proceed by accepting the following:

• I’ve checked that the pension can be transferred to NFU Mutual and I confirm that my answers are, to the best of my knowledge, correct
• I understand that my investments in my existing pension will be sold, with the cash transferred to my existing NFU Mutual Select Pension Plan. I understand that there will be a period of time where money wont be invested. I will miss out on any potential investment growth during this period.
• NFU Mutual will request my pension funds using an ‘electronic transfer’ system. If my current pension provider cannot accept this request, I understand that to continue with the transfer from the provider, I can do so by having an appointment with a Non-Advised Sales Consultant.

There are 2 more actions to complete your request:

1. Confirm you are happy to proceed
2. Agree to the declaration and submit your request

If you have any question or concerns, please call us on 0800 622323.

Confirm that you are happy to proceed by accepting the following:

• I’ve checked that the pension can be transferred to NFU Mutual and I confirm that my answers are, to the best of my knowledge, correct
• I understand that my investments in my existing pension will be sold, with the cash transferred to my existing NFU Mutual Stakeholder Pension Plan. I understand that there will be a period of time where money wont be invested. I will miss out on any potential investment growth during this period.
• NFU Mutual will request my pension funds using an ‘electronic transfer’ system. If my current pension provider cannot accept this request, I understand that to continue with the transfer from the provider, I can do so by having an appointment with a Non-Advised Sales Consultant.

Declaration

We ask all account holders to make the following declarations when transferring a pension to us: 

• I confirm that I am eligible to make this application based on the information provided earlier as to UK residency. 
• I declare that I have taken reasonable care that the information I have given NFU Mutual in my application is, to the best of my knowledge and belief, correct and complete. 
•  I consent to you processing my personal information (including sensitive personal information) for the purposes you have described in this application form.
• I agree to be bound by the rules of the plan to which the transfer is made.
• The plan is not subject to any existing or proposed trustee in bankruptcy orders, or earmarking or pension sharing orders, or other receiving orders? 
   
  Declaration to the current pension provider(s) 
   
  I authorise, instruct and apply to the current provider to transfer sums and assets from the plan(s) as listed in my application directly to NFU Mutual and to provide any instructions and/or discharge required by any relevant third party to do so.  
   
  I accept that in order to comply with regulatory obligations, NFU Mutual and the current provider named in this application may need to verify my identity and residential address and may use credit reference agency searches and ask for my documents to verify my identity and address.  
   
  Until this application is accepted and complete, NFU Mutual’s responsibility is limited to the return of the total payment(s) to the current provider(s).  
   
  When payment is made to NFU Mutual as instructed, this means that I shall no longer be entitled to receive pension benefits from the whole of the plan(s) listed in my application where the whole of the plan(s) is transferring, or that part of the plan(s) represented by the payment(s) if only part of the plan(s) is transferring.  
   
  I have read any information provided or made available to me by the current provider in connection with this transfer and have considered if there are any benefits or options I may lose as a result of this transfer. 
   
  I have read guidance from the Financial Conduct Authority or the Pensions Regulator on the risks and warning signs of pension scams before making this application. 
   
  I confirm that I have provided only true and accurate information in applying for this transfer. I understand that NFU Mutual and the current provider cannot accept responsibility, and are not liable, for any losses resulting from untrue, incorrect or misleading information that I provide, or from any failure on my part to comply with any aspect of this application. 
   
  I authorise NFU Mutual, the current provider, and any financial intermediary named in this application to obtain from each other, and release to each other, any information that may be required to enable the transfer of sums and assets to NFU Mutual. 

If this application and declaration is being made on behalf of a person: 

• Who is incapable by reason of mental disorder of managing and administering his/her property or affairs; or suffering from a physical disability by reason of which he/she has difficulty executing documents in respect of the management and administration of his/her property and affairs the person making it declares that, to the best of his/her knowledge and belief, all of the information given and statements made in the application are correct and complete, and all of the declarations made in the application are correct, and undertakes the obligations falling to the applicant and they are authorised to provide the information in this form. 
• They understand that they may be required to provide further information relating to their status in completing this application. They further confirm they have read the NFU Mutual Privacy Policy which explains how personal data is processed. They confirm if they have provided personal data including sensitive personal data (such as health information) they are authorised to do so.  

Declaration

I agree to be bound by the NFU Mutual Select Personal Pension Scheme rules as amended from time to time.

I agree to NFU Mutual Select Investments Limited’s terms and conditions, and to pay its fees and charges as set out in ‘My Investments Guide to Charges’.

I have read the latest Key Investor Information Document and/or With-Profits Investor Information Document for the fund(s) I am investing in.

I agree to the pension transfer specified in the application.

I confirm that I have been provided with the opportunity to obtain further details and that, if I have requested such information, it has been provided to me before I completed my application.

I declare that I have taken reasonable care that all statements made by me are true and complete.

I accept that NFU Mutual Select Investments Limited reserves the right to make electronic or other checks about the source of the money being paid into this plan and may refuse to accept the contributions being proposed, or request documentation to confirm the identity of any individuals, beneficial owners, businesses, or entities associated with the transaction.

I authorise NFU Mutual to make an electronic record of my application.

As part of this application, I accept NFU Mutual's Privacy Policy.

I understand that unless the member is in poor health, the benefits from this plan cannot be accessed until age 55 (57 from 2028).

Declaration to the current pension provider(s) 
 
I authorise, instruct and apply to the current provider to transfer sums and assets from the plan(s) as listed in my application directly to NFU Mutual and to provide any instructions and/or discharge required by any relevant third party to do so.  
 
I accept that in order to comply with regulatory obligations, NFU Mutual and the current provider named in this application may need to verify my identity and residential address and may use credit reference agency searches and ask for my documents to verify my identity and address.  
 
Until this application is accepted and complete, NFU Mutual’s responsibility is limited to the return of the total payment(s) to the current provider(s).  
 
When payment is made to NFU Mutual as instructed, this means that I shall no longer be entitled to receive pension benefits from the whole of the plan(s) listed in my application where the whole of the plan(s) is transferring, or that part of the plan(s) represented by the payment(s) if only part of the plan(s) is transferring.  
 
I have read any information provided or made available to me by the current provider in connection with this transfer and have considered if there are any benefits or options I may lose as a result of this transfer. 
 
I have read guidance from the Financial Conduct Authority or the Pensions Regulator on the risks and warning signs of pension scams before making this application. 
 
I confirm that I have provided only true and accurate information in applying for this transfer. I understand that NFU Mutual and the current provider cannot accept responsibility, and are not liable, for any losses resulting from untrue, incorrect or misleading information that I provide, or from any failure on my part to comply with any aspect of this application. 
 
I authorise NFU Mutual, the current provider, and any financial intermediary named in this application to obtain from each other, and release to each other, any information that may be required to enable the transfer of sums and assets to NFU Mutual. 

If this application and declaration is being made on behalf of a person: 

• Who is incapable by reason of mental disorder of managing and administering his/her property or affairs; or suffering from a physical disability by reason of which he/she has difficulty executing documents in respect of the management and administration of his/her property and affairs the person making it declares that, to the best of his/her knowledge and belief, all of the information given and statements made in the application are correct and complete, and all of the declarations made in the application are correct, and undertakes the obligations falling to the applicant and they are authorised to provide the information in this form. 
• They understand that they may be required to provide further information relating to their status in completing this application. They further confirm they have read the NFU Mutual Privacy Policy which explains how personal data is processed. They confirm if they have provided personal data including sensitive personal data (such as health information) they are authorised to do so.