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.

If you want to transfer your Sainsbury’s pension to another arrangement, we strongly recommend that you first speak to an independent financial adviser. (In fact, the law says you have to take financial advice if your pension has a cash value of more than £30,000.) You can find an independent financial adviser in your area on this website: www.unbiased.co.uk

If you decide you want to transfer your pension to another pension arrangement, please contact the Scheme administrator for the Argos Section, 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.