If you transfer a final salary pension (sometimes called ‘defined benefit’), you’ll lose a retirement income based on your salary – and that’s something you’ll probably want to hold on to. That’s why we'll usually only accept this type of transfer if you get financial advice first.
Just go ahead and transfer
Things to think about
It’s up to you to check if the pension you’re transferring has any features, protected benefits or guarantees that are important to you – you’ll lose them when you transfer. The ball’s in your court to weigh up the pros and cons of transferring your pension.
Examples of features and benefits you might lose could include:
- the opportunity to take more than 25% tax-free cash when you retire
- guaranteed annuity rates
- guaranteed growth rates
- loyalty bonus
- the right to let you take your pension benefits early.
Think about …
- Whether your existing pension and your pension with Zurich give you enough investment choice and are suitable for the level of investment risk you're comfortable taking and can afford to take.
- How the charges on your existing pension compare to those on your Zurich pension.
You’ll find more information on what to check in ‘Your Transfer Guide’
No - there is no additional cost to you for transferring your pension.
As part of the transfer agreement, Zurich FutureYou will receive £80 from your Zurich pension provider for each completed transfer.