If you’ve paid into another pension scheme, perhaps while working in a previous job, you may be able to transfer your fund into your ABF Pension Account. This page explains how transferring in works and what you need to think about first.
Who can apply to transfer in
You can apply to transfer in pension built up elsewhere if you're currently paying into the ABF Scheme. If you’re a current employee who opted out of the Scheme, you would need to opt back in first before you apply.
If you wish to opt back into the Scheme, you can do this easily by contacting your payroll, or logging into our secure member area. You can also phone us.
If you’re no longer an employee, your Pension Account is deferred, and you won’t be able to transfer in any other pensions. For more information on your options as a deferred member, see leaving the Scheme.
Pensions that can be transferred
We can accept transfers from most types of arrangements, including both private and occupational pensions.
However, there are certain types of arrangements you won't be able to transfer in. These include, but are not limited to, pension accounts subject to divorce proceedings, and those that you've already begun to drawdown. All transfers into the ABF Scheme are accepted at the discretion of the Trustees. If we’re unable to accept a transfer, we'll contact you to confirm.
Different schemes have different rules. It’s best to check with your previous pension provider that those benefits can be transferred before you begin the process.
Costs of transferring
We don’t charge anything to transfer in, but your previous pension provider may apply exit costs. We recommend you check with them first.
Our annual management charges and fees for the various investment options available to you can be found in the investments section of our website.
What happens to your previous pension once it’s transferred
If you decide to go ahead with the transfer, the value will be added to your existing Pension Account.
The contributions you pay into the Scheme are used to buy units in investment funds. Target Date Funds are the Scheme's default investment option, but there are a range of other options for you to choose from. See investments for more information.
Unless you inform us otherwise, the transfer payment will be invested in line with your current instructions. If you want the transfer to be invested in a different way to your normal contributions, you must tell us before the transfer takes place. Please complete the 'Investment Transfer In Form' (available here).
Transferring in more than one pension
There's no limit to how many pensions you can transfer into the ABF Scheme.
If you’re transferring in more than one pension at a time, let us know and we'll be able to provide you with a separate transfer-in pack for each.
What you need to think about
Making a decision to transfer could have important implications for your financial future. Once your benefits have been transferred you won’t be able to change your mind.
Some things you may wish to consider include:
- What benefits could be paid to your loved ones in the event of your death
- Whether or not you’ll be giving up valuable benefits such as guaranteed annuity rates
- What Fund management charges and fees apply in each scheme
- What investment choices are available in each scheme
- Would it be better to put your pensions together, or keep them separate so they can be drawndown at different times
It’s important to compare the benefits and features in each scheme to ensure any decision you make is an informed one. Lots more information about the Scheme can be found on this website, but if you have any further questions, you’re welcome to contact us.
Getting help with your decision
While we’re able to answer any questions you may have about the Scheme, we’re unable to give financial advice. Before making a decision to transfer, we strongly recommend that you seek the help of an authorised independent financial advisor registered with the FCA (Financial Conduct Authority).
If you're applying to transfer a Defined Benefit (DB) pension worth over £30,000, you're required by law to get financial advice and your previous pension provider will request proof of this. You can find an approved financial adviser near you by visiting the MoneyHelper website.
You can also contact MoneyHelper, a free and impartial government-backed service that helps people understand their money and pension options. While they won’t be able to give you advice, they can explain the choices available to you. Find out more at: www.moneyhelper.org.uk/en
How long the transfer could take
While we aim to do things as quickly as possible, it’s normal for a transfer to take between 3-6 months to complete. Please keep that in mind before you start the process.
You can help things go as smoothly as possible by:
- Making sure we have everything we need to process the transfer
- Liaising with your previous pension provider to ensure they have everything they require
- Responding promptly to any requests if you're asked to provide further information
The transferring in process – step by step
The guide below sets out the steps involved in the transfer process.
Contact us to let us know that you want to investigate a transfer in of previous pension. We’ll provide you with a transfer-in pack containing the necessary forms that both you and your previous pension provider will need to complete if you decide to go ahead.
Forward the relevant documents and forms contained in your transfer-in pack to your previous pension provider and tell them that you want to investigate a possible transfer out. They will usually provide you with:
- Any documents and forms that need to be completed if you decide to transfer
- The transfer value of your benefits (also referred to as the Cash Equivalent Transfer Value – CETV). This is the value of your previous benefits in cash terms. You will need this to complete our transfer form.
At this stage you should review the information you’ve received and get any financial advice you need to make an informed decision
Complete the form issued to you in your transfer-in pack and send this to us along with any forms your previous pension provider wants us to complete. If you want your transfer invested in a different way to your normal contributions, please also send us your completed 'Investment Transfer In Form' (available here).
Please note: While we are able to accept forms sent by email, we cannot accept forms which have been signed with an electronic signature. To avoid delays to your transfer, please ensure you sign all documents with an actual ‘wet ink’ signature. If you use an electronic signature, we will be unable to process your request and you will be asked to recomplete the relevant form(s).
Fill in any forms your previous pension provider has asked you to complete and provide any documents they've requested from you. When dealing with a transfer, pension schemes are required by law to perform certain checks. The aim of this is to protect you from any possible pension scams.
To support your previous pension provider with this, we’ll include information about your ABF Pension Account in your transfer-in pack. Please make sure you've provided this to them. They may also need to contact you to request further information.
If your previous pension provider doesn't have enough information about the transfer, they may refer you to MoneyHelper for a pension safeguarding appointment or they may even decide not to permit the transfer.
It's very important that you liaise with your previous pension provider to ensure they have everything they need to proceed. If anything is missing, it could delay your transfer.
Once we’ve received everything we need, and we’ve checked that we can accept the transfer in, we’ll write to your previous pension provider to request payment.
Once we've received the transfer payment it will be invested. This can take up to two weeks, depending on the date we receive the payment and your chosen investment options. Once it has been invested, you'll be able to see it by logging into the secure member login area and viewing ‘investment history’.
We’ll also provide you with written confirmation in due course. If you haven't received your confirmation yet, we recommend checking the secure member login area first.
Be scam-smart
When transferring your pension, you should remain vigilant to any potential scams.
Always check to make sure that any correspondence you receive asking for personal information comes from a reliable source before responding.
Pension cold calling is illegal. If you receive a call out of the blue offering you a free pension review, hang up and report it to Action Fraud.
Help protect yourself and your pension by understanding how to spot the signs of a scam. Read MoneyHelper's how to spot a pension scam guide.
To check that the investment or opportunity you're dealing with isn't a scam, use the ScamSmart Investment checker on the FCA website.