Transferring your pension

Moving separate pensions into the same scheme can make them easier to manage.

You need to think carefully before making a transfer though. Different pensions may offer slightly different benefits, and some may work better for your situation than others.

There are two main types of pension:

  • DB (defined benefit) - where you receive a pension based on your salary and the number of years you’ve been in the scheme
  • DC (defined contribution) - where you build up a pot of money that you can use to provide an income when you retire

Generally DB benefits are more predictable and DC ones offer more flexibility. Which is best for you will depend on your situation.

Transferring a pension into the Unilever UK Fund

You can transfer pensions from other pension schemes into the Retirement Savings Plan. These schemes need to be registered with HMRC (which most workplace schemes will be).

There are certain types of benefits that you cannot transfer in. These include some guaranteed benefits and pensions from some public sector schemes. If you're not sure if this applies to you, contact us and check before you start the transfer process.

If you are transferring from a DC scheme then the money you have invested will be transferred over to your Retirement Savings Plan account. A transaction fee for this may apply, so it’s a good idea to ask your scheme about this before you start the transfer process.

For DB schemes, you will need to contact them for an estimated transfer value. If you decide to transfer, this value will then be added to your Retirement Savings Plan account. You’ll need to take financial advice if your transfer value is over £30,000 - so make sure you leave time to do this.

More about financial advice

Transferring your pension out of the Unilever UK Fund

You can choose to transfer your pension out of the Unilever Fund to another scheme (for example a new employer’s scheme or a personal pension plan). You might want to do this to:

  • Make managing your pensions easier by having them all in one place
  • Give yourself more retirement options
  • Access different investment options with different fees

You may not get the same benefits from another scheme as you do from the Unilever Fund. Before you make any decisions we strongly recommend that you take financial advice.

Origen Financial Services

To help you access this advice and support, Unilever has negotiated preferential rates for you to use Origen Financial Services. When you receive a transfer quote, you’ll also get information about how you can use Origen for advice and the costs for their services.

Find out more about the Independent Financial Advice service provided by Origen

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