Transfers

It’s likely that you’ve paid into several pension arrangements throughout your working life. Combining some or all of your pensions will simplify things and make them easier to manage.

Can you transfer previous pensions into the Digital Group SIPP?

Yes you can – combining some or all of your pensions into this scheme will make them easier to manage and may bring additional benefits, such as:

  • lower costs
  • more suitable investments
  • additional features that may not be available via the existing arrangement

Once you have transferred a pension, you usually cannot change your mind. It is important therefore that you have considered all the implications and carried out a proper comparison of both arrangements, before going ahead.

You may be happy to do this and decide on any potential transfer yourself. Alternatively, if you are unsure, we recommend that you discuss your options with a suitably qualified and experienced adviser.

 

Is your pension suitable to transfer?

Generally, it is fine to transfer a “Money Purchase” pension from one provider to another. These typically include Personal Pensions, Stakeholder Pensions, Defined Contribution Occupational Pensions and most auto-enrolment Workplace Pensions.

It is generally not advisable to transfer a “Final Salary” or “Defined Benefit” pension into a money purchase arrangement, as you will lose valuable guarantees by doing so. There are circumstances where this may be beneficial, but it is a complex area and you should certainly take appropriate advice before doing so. If you have a transfer value from a final salary scheme of more than £30,000, then you MUST take advice before carrying out a transfer.