Updated: June 10, 2019

Bulk Pension Transfers

Want to transfer your pension benefits to a new employer's scheme? Find out how to get it done right in our guide to bulk pension transfers

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Tony Stevens

Author: Tony Stevens - Finance Expert

Updated: June 10, 2019

If you’re looking into transferring your pension, you may have come across this baffling term: bulk pension transfer. But what is it? And how could it be beneficial for your pension transfer plans?

Pension transfers are an area of finance management we love to help our clients succeed in mastering. We understand that it’s an area of personal finance management that’s complex but vitally important for your golden years.

Many people call us to ask about bulk pension transfers and whether they might be able to use this special arrangement if they were to transfer their pension. The pension transfer specialists we work with are fully up to speed on bulk transfers and can easily show you whether this could work for you.

What is a bulk pension transfer?

A bulk pension transfer is a type of pension transfer arrangement which makes it possible for members to transfer their pension benefits to the new employer’s scheme.

The attraction of these enhanced transfer terms lies in receiving benefits of equivalent value to those in your previous scheme. Loss of benefits can be a major downside when transferring out of a pension scheme, so bulk pension transfers can offer a safety net for pension savers and investors. But there’s one big caveat – bulk pension transfers will only apply if you are transferring ‘final salary’ benefits.

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How do I carry out a bulk pension transfer?

You’ll need to check in with your current pension scheme provider to see if you are able to carry out a bulk pension transfer.

You’ll also need to work with a regulated pension transfer advisor to get an assessment of the bulk pension transfer. It’s an important part of the due diligence check on the process and will ensure you are entitled to full coverage of your pension benefits in the scheme you’re transferring into.

Many people call Online Money Advisor to ask for advice on pension transfers. Give us a call on 0808 189 0463 or make an enquiry and we’ll connect you to a pension transfer expert who can help you find a bulk pension transfer that’s suitable for your particular pension scheme.

Should I do it?

We get many enquiries asking about whether or not to go ahead with a bulk pension transfer. There are valuable guarantees or options bound up in your final salary pension benefits. The benefits you are privy to upon retirement are based on factors such as your earnings or the time spent in the defined benefits scheme.

These will need to be assessed by a professional advisor who can offer transfer advice to ensure the benefits in the new scheme are equal to the last.

What is a pension transfer block?

A pension transfer block is just a fancy way of saying that the liabilities of more than one pension scheme member will be transferred to another pension scheme. A block transfer is where two or more people transfer from one pension scheme to another at the same time.

But there’s a condition attached…

  • People transferring can’t have been part of their current pension scheme for over one year before the date of transfer.

However, the restrictions surrounding pensions and retirement have been subject to constant change as the UK government introduces and updates legislation. So even if you find you don’t fully match the requirements, a pension transfer specialist will be able to fill you in on any bulk pension transfer exceptions or alternatives.

The pension transfer specialists we work with can help with due diligence on your bulk pension transfer – make an enquiry here and we’ll connect you to them.

Speak to a bulk pension transfer advisor today!

New freedoms brought into the legislation surrounding pension management have led to defined benefit transfers growing in popularity. However, the government recognises that these new freedoms may be more suited for some pension schemes and members than others.

That’s why getting expert financial advice is a requirement for transferring out of defined benefit schemes worth £30,000 or over.

A qualified bulk pension transfer advisor can be a safety net to ensure eligible individuals are properly advised on the most appropriate decision. Online Money Advisor has a robust process for connecting people to the right pension transfer advisors for their situation.

The bulk pension transfer specialists we work with can take on any size of transfer from any eligible pension scheme. We would be happy to help you with any bulk pension transfer questions or needs you may have. Give us a call on 0808 189 0463 or make an enquiry.

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We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in pensions. Ask us a question and we'll get the best expert to help.

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Tony Stevens

Tony Stevens

Finance Expert

About the author

Tony has worked in a vastly diverse array of areas in the pensions industry for over 20 years. Tony regularly writes for trade press, usually on topical and pensions pieces as well as acting as a judge at prestigious national events.

Tony is also a highly qualified Independent Financial Adviser in his own right. His mantra has always been “Hope for the best, but plan for the worst”, and believes that the biggest impact that an adviser can have on a client’s life journey is to take them on a journey from generally having little or no real idea of what their retirement will look like, to giving them the understanding of what their retirement looks like now, then helping them navigate a path to what they want their retirement to be.

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*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

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