Transferring your pension
Thinking about a transfer?
As a deferred member, you have the option to transfer your Sainsbury’s pension to another arrangement at any time. It’s a big decision, and you need to be very careful not to be scammed. If you do want to proceed, you can now apply for a transfer online through My Pension. Simply go to My Pension > Explore Your Benefits.
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 neither will your spouse or dependants. You may also lose your right to retire early at age 55 and would have to wait until age 57 to access your benefits.
The Trustee of the Sainsbury’s Pension Scheme has appointed a company called LV= to provide advice and guidance to members of the Scheme, at a competitive, fixed-rate fee. LV= can give you regulated and impartial advice about whether or not to transfer your pension.
They have a dedicated website for Sainsbury’s members, listing their services and how to get in touch with them. Visit it at: www.lv.com/sainsburys
If your transfer value is worth more than £30,000, the law says you have to get regulated financial advice from an expert called a ‘pension transfer specialist’ before the transfer can go ahead. Even if you have a smaller transfer value, you should still think about taking advice. This is to protect you from the risks of making the wrong decision and from becoming a victim of a pension scam. If you don’t want to use LV=, you can find a pension transfer specialist in your area on this website: www.moneyhelper.org.uk
Useful documents
What’s your transfer value?
Log in to My Pension to get an immediate and up-to-date transfer value.
Log in
Defined benefit vs Defined contribution
Most people transferring out of our Scheme will move their pension into a defined contribution (DC) pension scheme. This video explains how a DC pension works and how it differs from the Sainsbury’s Pension Scheme.
What happens when? Advice and the transfer process
This video looks in more detail at the transfer process, including how long it takes.
What’s your transfer value?
Log in to My Pension to get an immediate and up-to-date transfer value.
Log in
Defined benefit vs Defined contribution
Most people transferring out of our Scheme will move their pension into a defined contribution (DC) pension scheme. This video explains how a DC pension works and how it differs from the Sainsbury’s Pension Scheme.
What happens when? Advice and the transfer process
This video looks in more detail at the transfer process, including how long it takes.
