Transfer your pensions

Having more than one pension can make life difficult. Make things simpler and combine them into one plan.

Why transfer your pensions?

Most people end up with more than one pension. Bringing your pensions into one place makes life simpler and might even save you money. Find out if transferring your pensions is right for you.

  • Keep track - Understanding how much your pension is worth is as simple as checking your bank account. And having all your pensions in one place means you won’t lose track of where they are.
  • Save money - With all your pension savings in one place you might pay less in overall charges and fees.
  • Plan for the future - See the total value of your pension savings at a glance. It'll help you understand if you’re on course for the retirement you want.

Of course, transferring might not be right for everyone, you might have some benefits attached to your current pension that you want to keep or it may be that we can’t accept it. You can find out more about this in the ‘Your Questions Answered’ below.

How to transfer your pension

Scottish Widows are the pension experts within our Group. They’ve been handling peoples’ retirement plans for over 200 years so you’re in safe hands.

Know your options

Reading through information on the following pages will help you decide if transferring is right for you.


Applying is easy, we’ll just need some details about you and the pensions you’d like to transfer. 

Sit back

Scottish Widows will do the rest. They’ll keep you updated along the way. It should take around four weeks.

Already have a Scottish Widows pension?

If you have an existing Scottish Widows Pension (such as a workplace pension) you should consider whether it is possible to transfer to that. You may benefit from lower charges relative to a new one you’d take out, however it may not be as flexible when it comes to investment choices or taking your benefits so it’s worth checking all these points.

If you’d like to transfer into your existing Scottish Widows pension, you can do so using the link below.

Transfer into your existing Scottish Widows pension

Alternatively, if you want to open a new pension with Scottish Widows continue reading.

Why open a new pension with Scottish Widows?

  • Flexibility – you can use the same policy to save for your  future and also to access your pension when you’re ready
  • Suited to your needs – There’s a range of investment options to suit you and your circumstances and you can change them at any time
  • Competitive charges – easy to understand based on how much you have in your plan and how it’s invested
  • Fully protected - 100% of your savings are covered by the Financial Services Compensation Scheme.
  • Expertise – Scottish Widows have been guiding people through retirement for more than 200 years. They’re also part of the same group as ourselves

Your questions answered

  • Before you decide to transfer to, it’s worth checking if you’re eligible. The main things Scottish Widows check when you ask to transfer are:

    • You live in the UK
    • You’re under the age of 74
    • You’re moving pensions which are with a UK-based provider
    • You plan to move a whole pension, not part of one
    • You aren’t already taking an income from the pension you’re moving, and you haven’t taken a tax-free lump sum from the pension being transferred either.

    If you’re setting up a new pension with them, you can only do this online if you're not planning to access it within a year. If you are planning to take the pension within a year then please call them on 0345 601 2585 Monday-Friday 9am-6pm. 

    If you have a pension which was set up by your employer, it might be managed by trustees. If so, you will need to get permission from the trustees before you transfer. If you’re not sure if your pension is run by trustees, check your policy or scheme documents, or contact your scheme administrator.

  • Scottish Widows can accept transfers from most, but not all, pensions. Here is a list of the main types of transfers they can’t accept online:

    Pensions with guarantees- A Guaranteed Annuity Rate: this means, in most cases, you’ll get a higher income for life when you retire than you’d get at today’s rates.


    Section 9(2B) rights or a Guaranteed Minimum Pension: these would provide you with an income that’s based on what you earned at the time 

    this pension was set up.

    Pensions run by Trustees - If you have a pension which was set up by your employer, it might be managed by trustees. If you’re unsure if your pension is run by trustees, speak to your provider.

    Pensions with defined benefits - Known as final salary or defined benefits pensions where how much you receive is based on your salary rather than how much you’ve paid in.

    Payments - If you or your employer are still paying into the pension you’re transferring and this is going to continue to happen or you are already taking an income from the pension.

    Other reasons - Your pension is with a provider outside the UK, it’s subject to a court order, for example when it’s been divided as part of a divorce.

    Finally, you can only transfer the entire pension, you’re not able to transfer part of a pension.

    You can find out about these in your policy documents or you might have to speak to your current provider. If you don’t know what to ask here’s a helpful checklist.

    Download the letter (DOC, 39KB)

  • Some of your existing pensions’ benefits and features might be valuable or you think they’re worth keeping. If you transfer you’ll give these up, so, it’s worth checking before you apply.

    These can include:

    Protected Tax-Free Lump Sum – You can normally take up to 25% of your pension as a tax-free lump sum at the point where you start to withdraw from your pension. Some pensions allow you to take more than this which could be of benefit to you.

    Protected Pension Age - Currently you can access your pensions from age 55. The government is likely to increase this age over time. Your pension may have a Protected Pension Age which will enable you to access your money earlier and you will lose this if you transfer.

    Fund guarantees or bonuses - These can include a guaranteed growth or bonus rate, a loyalty bonus or a fund bonus.

    Protection - This can include life cover, critical illness cover or waiver of premium.

    Be aware some pensions will charge an exit fee if you choose to transfer. Make sure you know if there is one and how much it will be before you proceed.

    You can find out if your pension has any of these by looking at your policy documents, or you might have to speak to your current provider. If you don’t know what to ask here’s a handy checklist.

    Download the letter (DOC, 39KB)

    If you are a member of a workplace pension scheme(s), you should consider whether it is possible to transfer to that scheme. These schemes may benefit from lower charges relative to individual pension plans, however they may not be as flexible when it comes to investment choices or taking your benefits so it’s worth checking all of these points.

  • If you’re unsure on any point you can call Scottish Widows, they’ll also help you understand what you should consider before transferring to them. The service is free however they can only explain things to help you make your own decision, they can’t give you any advice.


    If you feel that you need further help in understanding if this is the right thing for you, or your pension is one that can’t be accepted using this service, you may benefit from advice. Find out more here. Or you could speak to an Independent Financial Advisor.

  • Competitive, clear and transparent charges

    The more you have in your pension, the lower the charge rates are. You’ll never pay more than 1.1% a year for investing in one of their Governed Investment Strategies. However, if you choose to invest differently this will affect your charges.

    For example, the charges for a pension pot of £40,000 that you want to access flexibly in retirement are 0.5% overall a year. This means you’ll pay £16.67 a month.

    Assuming that:

    the pension pot value stays the same (as it grows or decreases, your charges will change), your investment choice is a Governed Investment Strategy. If you decide to invest in a different strategy – or funds – these charges may change. 

    For more information on charges.

  • You could have forgotten about a pension you already have and it could make a difference to how much you save for retirement.

    If you can remember who the pension provider is, try giving them a call to see if they can help. Or, if it’s a company pension, call your previous employer for the details.

    Alternatively, go to the The Pension Tracing Service operated by the Department for Work and Pensions.

Online banking customer?

If you are a Lloyds Internet Banking customer you can now view the current value of a new Retirement Account alongside your other accounts.

Before you start

If you’ve decided transferring is right for you, we need you to think about your attitude to risk and understand the options for when you retire. This will help you complete the application form.

More about investing your pension

Ready to transfer?

If you’ve already reviewed and decided transferring is right for you and read about your investment and retirement options you can start the application. You’ll need the following:

  • Your National Insurance number
  • Your existing pension providers name
  • The policy numbers of each pension you want to transfer
  • The Scheme name if it’s a workplace pension
  • A recent transfer value for each pension
  • You know how you want to invest and access your new pension

Please confirm:

  • The pension(s) you wish to transfer have a total value of more than £10,000

You’ll need these to complete your application so come back when you’ve got them to hand.

We're sorry, but you're not currently eligible to transfer your pension with us.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).