Transferring a work pension whilst abroad

Stokesy

I resigned from my job at Lloyds TSB last year. They contacted me recently stating that I could either transfer my pension to a new receiving scheme or receive a refund on the contributions that I have made. I would like to transfer the pension as receiving a refund would result in me losing the employer contributions.

Normally I would head into my local bank to see what advice they can offer. However, I am currently backpacking across New Zealand so that would be a tad difficult at the moment.

I’ve had a look through google but I’m pretty clueless when it comes to this sort of thing and I’m finding it quite confusing. Can anyone give any general advice or point me to a website that I can use to guide myself through the process.

Thanks in advance for any responses.

RichandJ

1) do not use a bank for pension products. They are expensive and will only sell you their own products.

2) have Lloyds put a time limit in how long the transfer option will be open ? If yes, just contact them and tell them you are interested in the transfer rather than the refund and will be back in the UK* from <date> and will deal with it then.

* assuming you will be coming back.

Stokesy

Thanks for the response mate.

RichandJ wrote: »

2) have Lloyds put a time limit in how long the transfer option will be open ? If yes, just contact them and tell them you are interested in the transfer rather than the refund and will be back in the UK* from <date> and will deal with it then.

* assuming you will be coming back.

I have contacted them to let them know that I'm out of the country and that I'll be back in June.

Taken from an email they sent to me:

Please be advised that if all forms are not received within 6 months of the date you left Your Tomorrow, the Trustee requires us to issue you with a refund of the fund value arising from your own contributions. These timescales comply with the code of practice written by the Pensions Regulator. If we receive at least your member transfer discharge form (either by post/email or fax) we will be able to extend any deadline, otherwise we cannot guarantee a refund will not be issued. The forms from the receiving scheme can then be returned at a later date.

I left the company in June last year and they didn't contact me until December/January so I'm unsure of when they think I left the company.

RichandJ

As far as them contacting you is concerned it depends when they were told of your leaving date by HR. The admin is then supposed to write to you within 2 months of notification, known as a 'disclosure requirement'.

If the form you mention doesn't need the details of any new arrangement then obviously send it back if you have access to it, suggest by email/fax as well as a hard copy in the post. Ah, just noticed they do mention all methods.

Stokesy

Here's a screenshot of the form





Obviously I need to find a receiving scheme to transfer the money to. This is what's giving me problems:) I'm not sure who to speak to as I'll be out of the country for another few months.

xylophone

http://www.cavendishonline.co.uk/pensions/stakeholder-pensions/aviva/
I wonder if these people could help? Phone/e-mail to enquire?