Why transfer?
Firstly, you need to read the plan details to make sure transferring is right for you.
You need to think about
- Your retirement income: how would you like to access your money? How long does your income need to last? Explore your options and think about the ones that might suit you best. Weigh up your options carefully and make an informed choice
- Your benefits and guarantees: check if you could be giving up any benefits or guarantees included with your existing pension scheme as your new plan may not offer these
- Your charges and choices: It's important to compare charges. The plan rebate in the Centrica Retirement Income Plan part of the Master Trust – Retirement Section will be the same as the Centrica Savings Plan. Charges will depend on your investment fund choice. Your current pension plan’s charges won't be transferable, meaning the charges you pay will be different. Charges may change in the future and are not guaranteed. Your new plan may not offer the same investment choices that you currently have
- Your current health status: If you’re in poor health it might not always be a good idea to transfer. The pension plan could be liable for inheritance tax if you die within two years of transferring
If you’re unsure, you should seek further guidance or advice. The government’s MoneyHelper has the pension wise service that can provide guidance. And useful information to help you choose a financial adviser if more personalised help is required.
You should consider all your options, shop around and compare providers. Once you’re happy to go ahead, you can transfer your plan online using the button below or call us if you'd prefer.
What happens in the transfer process?
You'll need to have your existing plan information to hand before you begin your application.
Call Standard Life on 0345 271 9503 where one of our retirement specialists will talk you through your options and finalise the details of your transfer
OR
Complete the digital join journey online from within your customer dashboard where you can review your options and provide details of the transfer.
Your pension savings will be transferred, and you'll receive a transfer certificate as confirmation
If you’ve not already registered for online servicing, please register as you can add beneficiaries to your plan, review your retirement date and update your profile
id
Once your transfer has been completed and your new Standard Life DC Master Trust Retirement Plan is set up you will receive a transfer certificate which will confirm your new plan number, how much has been transferred and where it is invested.
What if you change your mind?
Please remember, when you first decide to take income from your plan through flexible drawdown, you’ll have a right to change your mind.
You have 30 calendar days, from the date you receive your income withdrawal documents, to cancel. Within 30 calendar days of us receiving your request to cancel, you’ll need to return the income payments we’ve already paid you.
If you have taken a tax-free lump sum payment, you don’t have a right to change your mind and cancel this payment. We cannot accept the return of any tax-free lump sum payments.
If you fail to return all the income payments to us within 30 days, you’ll lose the right to cancel. You won’t have the right to cancel any later decisions you make about taking income from your plan, apart from the amount and/or frequency of income you take.