State Pension Transfer

We have created this guide to ensure your questions are answered about transferring a state pension, to help prevent you from making any bad decisions, or getting advice from misinformed sources.

Can I transfer my UK state pension?

In almost every case, the answer is no. The state pension is designed to provide a financial cushion for individuals and how much you get is directly based on your personal National Insurance contributions, and as such, it cannot be transferred to another person.

Depending on why you want to transfer, there could be other options available. Make an enquiry and the independent pensions advisors we work with will go through all of the available alternatives and help you determine the best course of action.

Is state pension transfer to a spouse possible?

The short answer is no. The pension cannot be transferred in any way shape or form. Even a divorce settlement cannot be touched and will leave your state pension intact.

The same is true if you or your partner were to pass away. Married couples usually have a state pension each, and if one partner dies, the surviving person does not inherit their late spouse’s state pension.

Many benefits go unclaimed, so make sure you know what pension financial support you are eligible for if you become a widow or widower. Organisations like Age UK can be of great help in these circumstances, and the advisors we work with can bring you up to speed on all of your available options and suggest the right course of action.

Other pensions are a different matter, so expert advice is recommended.

Does a state pension have a cash equivalent transfer value?

No. As a state pension cannot be transferred, it does not hold a cash transfer value.

Can I transfer my pension overseas?

If moving abroad for example, how much impact transferring a state pension has when living in another country is very much dependent on where you go in the world.

If you continue to reside in the European Economic Area (EEA) you will still be paid your state pension and can also receive annual increases in your payments caused by inflation too.

This changes if you are outside of the EEA – as this benefit is not given unless the UK has an arrangement with said country – but you can still claim your state pension and get it sent to you internationally, for the entire duration you are there, although you should speak to an advisor about what you’re options are likely to be post-Brexit.

Why speak to an independent financial advisor?

The advisors we work with are experts in a range of different financial products, so it’s not all doom and gloom because there may be options open to you (depending on what you hope to achieve by transferring your pension), such as retirement mortgage products.

You can find out more in our guide to retirement mortgages.

Two options potentially available to you include…

Speak to an independent financial advisor

If you’d like to know more or would like some advice, you can start by making an enquiry and we will get straight back to you.

A consultation is free and there’s no obligation – just the right advice every time.