Thinking about transferring your pension?

If you haven’t started to take your Sainsbury’s pension, you might be thinking about transferring your pension to another pension arrangement.

This is something you can do at any time, subject to legislation and also the rules of the new arrangement.

Deciding whether or not to transfer out of the Sainsbury’s Pension Scheme can be very complicated. It’s a big decision and you could end up significantly worse off. If your transfer value is over £30,000 then the law requires you to get regulated financial advice from an expert called a ‘pension transfer specialist’, to protect you from the risks of making the wrong decision. You can find a pension transfer specialist in your area on this website: www.unbiased.co.uk

The Trustee has also appointed a company called LV to provide retirement planning advice and guidance to members of the Scheme, at a competitive, fixed-rate fee. Find out more here.

If you decide you want to transfer your pension to another pension arrangement, please contact the Sainsbury’s Pension Team at Willis Towers Watson and they will explain the process.

Please remember that your pension in the Sainsbury’s Pension Scheme is a valuable benefit. If you transfer it out of the Scheme, you will no longer receive a pension from the Scheme and nor will your spouse or dependants.

Beware of pension scams

Many people have been cheated out of their pension savings. Before you agree to a transfer, make sure that the arrangement you are planning to transfer into is above-board and not run by scammers. This guide produced by the Pensions Regulator can help you understand how to avoid being scammed.

You can also view our video below which mentions some useful things to be aware of.