This could be an existing pension, or a new pension with a new provider. If the latter, then you’ll need to make sure that your pension is set up first before starting the transfer.
You can then ask your provider to start the transfer and provide them with the pension details for the plan you want to move over.
You can set up a pension with Penfold in just 5 minutes. We’ll take the hassle out of tracking down and transferring your pension pots and manage this for you, allowing you to effortlessly combine all your pension savings in one, easy to manage plan!
Tracking down your old pension pots is like finding a needle in a haystack: you're not sure where to start and it can be seriously fiddly. You may have little to no information about what pensions you have. Here are some key steps that will help get you on your way.
If you don’t remember the names of the provider who administer your pension, don’t worry. There are a few things you can do to find this out:
There's one magic key to locating these old pots, and that's the policy reference number. The policy reference number is a 6-16 digit string of letters and numbers. There are a few options to help you find the policy reference number out:
There is no set-in-stone rule with how long it takes another provider to transfer over the pension funds to Penfold. Providers who process transfers online are typically much faster than providers that use snail mail.
However, on average it takes around 4-8 weeks for the pension to be transferred, assuming that there are no complications involved (i.e. policy number not matching). We will provide updates from the pension provider though if there is something that needs your attention, and as always, feel free to get in touch whenever for a frequent update!
We transfer any pension no matter its value or how old it is, from any provider or employer, and as many as you’d like.
Penfold offers a completely free pension transfer service to its customers. We streamline the transfer process to make it as simple for you, which means the process takes only 5 minutes, it's entirely online, with no paperwork, no jargon and no hassle. We transfer any pension no matter its value or how old it is, from any provider or employer, and as many as you’d like.
If you want to transfer existing pensions to Penfold, simply create an account and open it with a transfer request. It takes all of 5 minutes!
Please have a read here of the few things that you should consider before making a decision to transfer your pension.