Important information before transferring your pension
Some pensions come with valuable benefits like guarantees which you'll lose if you transfer. This usually applies to older pensions, or final salary or career average pension schemes – but you should always check before transferring.
Things to look out for include
guaranteed income
additional death benefits
guaranteed investment return or annual bonus
guaranteed annuity rates
protected tax-free cash
if you started withdrawing money from your pension before 5 April 2015, you may be in capped drawdown. We can't accept transfers of pensions in capped drawdown
You can find out more about these features in our Transfers Factsheet. Transferring a pension can be a big decision and you may wish to talk to a financial adviser first.
You should also check if your existing provider charges you for exit fees.
How to transfer
Step 1
Apply for a transfer
We'll ask you for a few details so we can start your transfer and open a Vanguard account for you (if you don't already have one).
If your existing provider doesn't do electronic transfers, we may also ask you to sign some paperwork. And if your pension has any special benefits or guarantees, we may ask you to talk to a financial adviser before transferring.
For clients of our managed pension service only: please call us to start a transfer. You can speak to us on0800 587 0460 from 9am to 5pm, Monday to Friday.
Step 2
Check your personal details with your existing provider
It's important that your personal details, especially name and home address, are up-to-date, as any mistakes could delay your transfer.
Step 3
We contact your existing provider
We'll start the transfer process by contacting your existing provider. If we need any extra information from you we'll get in touch.
Step 4
Your existing provider will process your transfer
Depending on your existing provider and the type of pension, this usually takes 1 to 10 weeks but it can sometimes take longer.
Step 5
We'll let you know when it's all done
Frequently asked questions
That's no problem, we accept transfers from pensions that are already in flexible drawdown. Just because you're in drawdown doesn't mean you have to stick with your existing provider forever. Especially when you may be able to save money by transferring to us, with our low 0.15% account fee and no extra charges for making withdrawals.
If you're in capped drawdown we won't be able to accept your transfer.
We only accept transfers from UK-registered pension schemes. This doesn't include pensions registered in the Channel Islands or Isle of Man.
You can change your mind and cancel your Vanguard Personal Pension by informing us via secure message within 30 calendar days from the date of opening your account. If you cancel your Vanguard Personal Pension within the cancellation period, well pay back any lump sum payments, less any fall in the investment value due to market movements and any charges already deducted. We'll return any regular payments in full.
Where you have transferred into the Vanguard Personal Pension from an existing pension provider, if you change your mind within 30 days, and the existing pension provider has already released the transfer value they may refuse to take your transfer back. You will need to choose an alternative pension arrangement to receive the transfer value.
We won't refund any charges directly related to the buying or selling of investments.
Please call us on0800 587 0460 if you’d like to transfer a pension into our managed pension service. You can speak to us from 9am to 5pm, Monday to Friday.
