Before you start a transfer
We accept transfers to a Vanguard Personal Pension from most UK registered pension schemes.
If you already hold Vanguard funds with your current provider these can usually be transferred to us directly as units or shares.
There is no minimum pension transfer value.
We do not charge a fee for transfers. You should check if your current provider charges you for exit fees.
How much of your pension you can transfer
If you haven’t started withdrawing from your pension, you can transfer part or all of it. For pensions already in drawdown we accept full transfers only.
Final salary and defined benefit schemes
If you’re looking to transfer a pension from a final salary or defined benefit scheme worth more than £30,000, you’ll need to have the transfer signed off by an authorised financial adviser.
We also require your adviser to complete and sign our Adviser Declaration confirming they have recommended the pension transfer. This regulatory requirement is there to protect you and make sure you're fully aware of what you're giving up.
We currently do not accept Qualifying Recognised Overseas Pension Schemes (QROPS). They are overseas pension schemes that HMRC regards as eligible for transfer from pension schemes registered in the UK.
If your pension has any safeguarded benefits
Some pensions come with valuable benefits like guarantees which you'll lose if you transfer to us. This usually applies to older pensions, final salary, or career average pension schemes – but you should always check before transferring.
Things to look out for include:<
- guaranteed income
- guaranteed annuity rates
- additional death benefits
- earlier retirement benefits
- guaranteed investment return or annual bonus
- protected tax-free cash
You can read a full explanation of safeguarded benefits in our Pension Transfers Factsheet
If you started withdrawing money from your pension before 6 April 2015, you may be in capped drawdown. We cannot accept transfers of pensions in capped drawdown.
Transferring a pension may not be suitable for everyone. As with all financial decisions there are important factors you need to consider. If you’re in any doubt about transferring a pension you should speak to an authorised financial adviser.
