Move your pension savings
As your situation changes, you may decide to move or combine more than one pension scheme
You may want to move savings to or from Smart Pension
You may have other pensions from previous employment. Some people like to keep those funds separate. Others want to combine them. It can make life easier to see how your pension savings are performing overall if they're all in one place. However, schemes do have different charges and fees, which is important to consider.
What you should consider before you transfer out of Smart Pension
Here are a few things you may want to weigh up before making the decision to transfer your pension savings out of Smart Pension.
Benefits of staying with us:
- a better experience
- our sustainable investment approach
- financial wellbeing for members
- Smart Pension app
- Smart Retire
What to consider
- Some pension providers offer short-term rewards - these can often be attractive at first sight. Before transferring out, read our transfer out form to see what you should be checking first.
- Some pension providers may ask you to take control of your pension investments - If so, make sure you’re comfortable looking after your pension savings on your own.
- Make sure you’re aware of pension scams - 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 our help article, Moving your pension from Smart Pension to another provider, for more information.
- Your contributions - You need to cease membership of the scheme before you can transfer your pension savings out of Smart Pension.
- Fees - We won’t charge you for transferring your pension savings 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).
You may want to move savings to or from Smart Pension
You may have other pensions from previous employment. Some people like to keep those funds separate. Others want to combine them. It can make life easier to see how your pension savings are performing overall if they're all in one place. However, schemes do have different charges and fees, which is important to consider.
What you should consider before you transfer out of Smart Pension
Here are a few things you may want to weigh up before making the decision to transfer your pension savings out of Smart Pension.
Benefits of staying with us:
- a better experience
- our sustainable investment approach
- financial wellbeing for members
- Smart Pension app
- Smart Retire
What to consider
- Some pension providers offer short-term rewards - these can often be attractive at first sight. Before transferring out, read our transfer out form to see what you should be checking first.
- Some pension providers may ask you to take control of your pension investments - If so, make sure you’re comfortable looking after your pension savings on your own.
- Make sure you’re aware of pension scams - 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 our help article, Moving your pension from Smart Pension to another provider, for more information.
- Your contributions - You need to cease membership of the scheme before you can transfer your pension savings out of Smart Pension.
- Fees - We won’t charge you for transferring your pension savings 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).
How do you transfer savings to or from Smart Pension?
You may decide to keep your savings separate, but you also have the option to combine them. Our help centre has more information that will guide you through the process of moving savings in or out of your Smart Pension account.
How to transfer money into Smart Pension
This might be useful if you've started working for an employer that has opened a Smart Pension account for you.
Please read our transfer guide before deciding to move your pension savings over to us.
How to move money away from Smart Pension
This might be useful if you're leaving your current job to work for a different employer, and want to transfer or combine the savings that are in your Smart Pension account.
Help and guidance
We recommend speaking to a financial adviser to make sure that transferring your pension out 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.
How do you transfer savings to or from Smart Pension?
You may decide to keep your savings separate, but you also have the option to combine them. Our help centre has more information that will guide you through the process of moving savings in or out of your Smart Pension account.
How to transfer money into Smart Pension
This might be useful if you've started working for an employer that has opened a Smart Pension account for you.
Please read our transfer guide before deciding to move your pension savings over to us.
How to move money away from Smart Pension
This might be useful if you're leaving your current job to work for a different employer, and want to transfer or combine the savings that are in your Smart Pension account.
Help and guidance
We recommend speaking to a financial adviser to make sure that transferring your pension out 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.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Smart Pension's fund choices
Smart Active Impact Bond Fund
Aims to invest in bonds which have an environmental impact and generate financial return above the global green bond market, taking into account Environmental, Social and Governance issues when selecting investments.
As this fund was recently launched, a factsheet is not yet available.
Smart Active Impact Equity Fund
The aim of this fund is to invest in equities which provide growth over the long term (being a period of five years or more) and invest in companies that contribute to the achievement of the United Nations’ Sustainable Development Goals.
As this fund was recently launched, a factsheet is not yet available.
Smart All Stocks Index – Linked Gilts Index Fund
Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).
Smart Annuity Fund
Aims to improve potential outcomes for investors likely to purchase fixed annuities by providing a diversified exposure to assets that reflect the broad characteristics of investments underlying a typical traditional level annuity product, incorporating Environmental, Social and Governance (“ESG”) considerations as part of the investment strategy.
The fund cannot provide full protection against changes in annuity rates for individual members as these also depend upon a number of other factors (e.g. changes to mortality assumptions).
Smart Cash Fund
Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.
Smart Ethical and Climate Fund
Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.
Smart Global Bond Index Fund
Aims to invest in different types of bonds in the UK and overseas, taking into account Environmental, Social and Governance factors.
Smart Growth Fund – Higher Risk
This fund carries a higher risk of fluctuation to your savings than other growth funds available but has the potential for high growth, though this is not guaranteed.
Smart Growth Fund – Lower Risk
This fund carries the lowest risk of fluctuation to your savings than other growth funds available but also reduced likelihood of a high return. It may be suitable if you are concerned about volatility.
Smart Income Fund
Aims to provide long-term investment growth up to retirement, and to support flexible income during retirement, taking into account Environmental, Social and Governance factors.
Smart North America Equity Index Fund
Aims to provide broad exposure to companies in the North American equity market, taking into account Environmental, Social and Governance factors.
Smart Sharia Fund
Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.
Smart Sustainable Growth Core
Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas.
Smart Sustainable Growth Fund
Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas to mitigate Environmental, Social and Governance risks and benefit people and the planet by having a moderate allocation to investments contributing to solutions for environmental and social issues.
Smart Sustainable Growth Plus
Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas to mitigate Environmental, Social and Governance risks and benefit people and the planet by having a high allocation to investments contributing to solutions for environmental and social issues.
Smart UK Equity Index Fund
Aims to provide broad exposure to the UK stock market, taking into account Environmental, Social and Governance factors.
Smart World (ex UK) Developed Equity Index Fund
Aims to provide broad exposure to large and mid-cap companies in the developed world, excluding the UK, taking into account Environmental, Social and Governance factors.
Smart World Emerging Markets Equity Index Fund
Aims to provide access to key emerging economies taking into account Environmental, Social and Governance factors.
