You may find you have multiple pension schemes with different providers, especially if you've moved jobs. You can keep them separate, but you also have the option to combine them. You can transfer your pension savings out of Smart Pension into a different scheme with another provider.
What you should consider before you transfer out
There are a few things you may want to weigh up before making the decision to transfer your pension savings.
Benefits of staying with us
A better experience – We use cutting-edge technology to give you a fast, easy-to-use, modern service.
Our sustainable investment approach – We believe that we can help you to create a world that we all want to retire in, supporting profitable companies that build a sustainable, safe and stable future for society and our planet.
Financial wellbeing for members – We provide meaningful financial support for all members because it’s important that our members feel comfortable with their money.
Smart Pension app – Manage your pension savings anywhere, at any time with the tap of a finger. You can find the app on the App Store and Google Play.
Smart Retire – A digital retirement dashboard for you to access your pension savings flexibly when you retire.
Things you should consider before you decide to leave
Have you been financially incentivised to move out of Smart Pension?
Some pension providers offer short-term rewards for transferring your pension savings over to them. These can vary between different pension providers and can often be attractive at first sight. Before transferring out, read our Transfer out form to see what you should be checking first.
Have they asked you to take control of your pension investments?
It can be appealing to choose where to invest your pension savings. Make sure you’re comfortable looking after your pension savings on your own, and are happy with the level of risk you’re taking before your transfer out.
Are you aware of pension scam risks?
Your new pension providers may appear legitimate on the surface. However, following the pandemic, we have seen an increase in pension scams.
To help avoid scam traps, you should visit the following websites before you decide to transfer:
Our risk warning page – makes you aware of any risks before you transfer out of Smart Pension
The Pensions Regulator – you can find a list of authorised master trust pension schemes (similar to Smart Pension)
Trustpilot – to better understand the customer service experience you may get with a new pension provider.
You need to cease membership of the scheme before you can transfer your pension savings out of Smart Pension.
We won’t charge you for transferring your pension out of Smart Pension. Other providers may do so.
Schemes outside the UK
We can only transfer your pension savings to registered UK pension plans and schemes, or to a Qualifying Registered Overseas Pension Scheme (QROPS). Make sure you understand the rules and restrictions in the country where your pension scheme is held.
How to transfer your pension out of Smart Pension
There are two ways to transfer your pension savings out of Smart Pension. Which one you should use will depend on whether or not your new scheme uses an online transfer system called Origo Options. Your new provider will be able to tell you if they use Origo or not.
If your new scheme does use Origo, the best way to start the process is simply to ask them (your new provider) to begin the transfer process on your behalf. If you’re transferring through Origo, Smart does not need you to sign any documents. However, your new scheme will probably ask you to complete a letter of authority, which they will provide. Once we have received a transfer request from your new provider and your account is ready, we will begin the process of transferring your pension savings.
What to do if your new provider does not use Origo
If your new scheme does not use Origo, then we will need both you and your new provider to complete our ‘transfer out’ form.
To start the process of transferring your pension savings out of Smart Pension, follow these steps:
Download the transfer out form
Complete and sign parts A, B and C of the form
Send the full form to your proposed new provider (not Smart Pension) and they will complete parts D and E
Help and guidance
We recommend speaking to a financial adviser to make sure that transferring is the right thing for you.
To find an adviser in your local area, visit www.unbiased.co.uk or call 0800 023 6868. Some advisers may charge a fee for their services.
The MoneyHelper Service is also available to help with any queries you have. You can contact them by calling 0800 011 3797.
What happens next
Your proposed new provider will contact us to complete the transfer. Please note that either Smart Pension or your new pension provider may ask you to complete a further form. Once our team has received all the necessary forms and a payment request, and your account is ready, we will make the transfer.
Once a transfer has been made it can’t be undone.