If you change employers, you can easily end up with more than one pension - and this raises the question of what to do for the best.
After leaving your previous pension scheme you should receive a statement setting out what benefits are due to you. This usually takes a couple of months to prepare and send out.
Once you've received your statement, you'll have a number of options.
Depending on the type of pension arrangement you have with your previous employer, it may be possible to transfer this into the HBOS Group Money Purchase Scheme - providing you have been a member of our Scheme for at least 3 months
However, we only accept transfers relating to contracted-in money purchase benefits. If you're unsure about the type of your previous scheme, check this with your previous employer or pension provider
At any time you can find out more about transferring in to the HBOS Group Money Purchase Scheme - just complete the Transfer-In Enquiry Form, giving details of your previous pension arrangements.
There's no obligation for you to transfer. The form simply gives the Group Pensions team permission to approach your previous pension provider and find out what your transfer details are. Once we've done that, we'll write to you and confirm your options.
At this point you can decide whether to proceed with the transfer.
Before making any decision to transfer, you should take financial advice. A transfer could affect the pension you receive at retirement, and it isn't always the best thing to have all your pensions in one place.
