Pension transfers overview

A pension transfer involves relocating funds from one pension scheme to another. In the UK, most pension scheme members have a legal right to transfer, though certain conditions may apply.

As part of our Bitesize Technical series, Senior Technical Consultant Joshua Croft explains pension transfers.

Key insights on pension sharing orders

• A pension transfer involves relocating pension funds or rights from one scheme to another.
• Only pensions can be transferred into pensions; other accounts like ISAs or General Investment Accounts can’t be transferred.
• In the UK, most pension scheme members have a legal right to transfer, though certain conditions may apply.
• Generally, there are no age restrictions, and pensions can be transferred even after benefits have started.
• Transfers can be made in full (all cash and investments) or partially, though some types, like capped and flexi-access drawdown funds, usually can't be partially transferred.
• Funds can be transferred as cash, ‘in specie’ (assets moved directly), or a combination of the two, subject to the receiving provider's approval.

More Bitesize Technical

Want to snack on another technical insight? Start from the beginning of our latest series on death benefits, here.