It is widely agreed that pensions have been in existence in the UK since 1908. As you would expect, pensions have changed considerably in the last 100 years, and as such it is important to understand exactly what type of pension scheme you hold, and whether it can be transferred into a Wealthsimple Pension.
We accept the transfer of pretty much all personal and workplace defined contribution pension schemes. This really encompasses most schemes which are being contributed to in the present day.
There are, however, a few exceptions:
- We do not accept the transfer of pension schemes which have already been withdrawn from.
- We also do not recommend that transferring across workplace pension schemes that your employer is currently contributing to. This is because it may lead to you missing out on the regular contributions that your employer is making to your pension and we would never encourage you to miss out on these!
- In order to transfer across any "defined-benefit" or "final salary" pension worth over £30,000, a financial adviser must have approved the transfer in writing before the transfer can begin.
Please also note that particular care needs to be taken when a pension with "safeguarded benefits" is considered.
If you have any questions at all about this, please do drop us an email on email@example.com, and we will be in contact in one business day!