Our top tips to make pension transfers as smooth as possible.
Always remember that it’s only Defined Contribution schemes (for example a workplace scheme, a personal pension or a stakeholder scheme) that are appropriate for the Zippen process – with that in mind, here’s our top tips to make sense of the paperwork and avoid unnecessary form filling:
- Always use the Zippen transfer requests
They are your safety net. Email it over to your provider to kick start the transfer process – this request lists what you’ve input into Zippen already, it double checks everything with the pension provider.
- Quote your policy number on all correspondence
Emails, letters and forms. This is even more important if you have more than one pension with a single provider.
- Your provider has sent you forms in the post?
Complete what’s needed and return the form to the provider, again always using the zippen transfer request as your covering letter.
- You don’t understand the questions on the transfer form the provider has sent you?Often, as the policyholder/member, you only have to complete certain sections. If the question is utter pension jargon, check whether the section is actually meant to be completed by the receiving scheme (the one you’re transferring to). You will always have to sign a declaration as the member, and complete basic information only.
- You haven’t heard from your pension provider?
Pension provider turnaround times vary enormously. If you’ve not heard, first, check your junk mail, if there’s nothing there, resend your Zippen transfer request - there’s nothing wrong with a little nudging – nobody will mind!
- Your pension provider says you have to receive financial advice before transferring to/away from them?
Firstly and, most importantly, this may mean that you have Safeguarded Benefits – these include the valuable benefits that we’ve been checking along the way or, maybe, you have a “final salary pension scheme” – if this is the case, Zippen isn’t appropriate for you. However, if you know that you don’t have these types of benefits that need protecting, you are not obliged to seek/pay for financial advice. This is your pension provider’s own rules - it is not a legal requirement by any means. Tell us if this happens to you.
- You’ve received confirmation that your transfer is complete, what now?
Tick the box on your Zippen journey to confirm that the transfer is complete and you’re done!
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