Transferring your existing pensions to Plum is a straightforward process. If you don’t have an active SIPP account with Plum, follow the instructions in this article. (Hyperlink to create a SIPP) If you already have an active SIPP account with Plum, please follow the steps below:
Tap the Pension section on your home screen
Select your Pension fund from the designated categories
Press the Transfer button
Read the overview and press Continue at the bottom of the page.
Fill in the details of your existing pension account. You need to select your current pension provider, the policy number (you can find it with your provider) and the approximate value of your pension.
Overview the information and press Continue.
Review and agree with some necessary legal documentation.
Insert your signature for the transfer initiation and press the Done button.
Confirm the transfer
Upon following the steps mentioned above, our team will receive the transfer request for your pension and will contact your current provider in order to initiate the process. The process timeframe can vary from 4-8 weeks, depending on the processing timeframes of each provider.
Please be aware that certain types of pension plans cannot be transferred to Plum, including:
Active Employer Pension Plans
Crystallised Pension Plans
Defined Benefit Pension Plans
Plans that one or more of the investment funds are in drawdown (loss)
Furthermore, please note that if you have tax-free cash protection for your pension, this protection may be lost on transfer.
The transfers from other providers do not count towards your annual allowance for Pension.