CIRCA5000 | Benefits of transferring pensions

Benefits of transferring pensions

By CIRCA5000 TeamBack to Mission Control

Benefits of transferring pensions

The average worker in the UK, is likely to have 11 jobs over the course of their work life. If pension contributions are made during each of these jobs, that is the number of pension pots they wind up with. That sounds like a lot of pension management. What if we could consolidate these pensions in one place? Turns out, that we can. 

What are the benefits of transferring pensions?

  • Keeping track of pensions in various places can be time consuming. It is estimated that almost £37 billion of UK’s pensions are either lost or unclaimed affecting 1.6 million people. Transferring them can help us see our savings clearly with only one account to track.
  • Avoidable paperwork can be eliminated completely, freeing up time for doing things we would much rather do.
  • We could choose pension providers that suit our specific needs. Our choices could depend on whether we want to make flexible contributions or not or whether we want our pensions to be invested in a certain type of way (e.g. sustainable investments).

Why choose CIRCA5000 pensions?

For investors who are not just interested in their own future but also that of the world’s, CIRCA5000 has a solution. With our focus on impact investing, we provide a range of options that support our customers in growing their money by investing in companies building a better future. They can help us fight climate change, preserve our natural resources, strengthen cybersecurity and create socio-economic equality by working towards better health and educational outcomes. 

There are other benefits too:

  • Automatic tax relief of 20% (potential to claim upto 40% for higher rate taxpayers)
  • Flexibility in how to contribute - either in one go or as a monthly top-up
  • Keep track of funds’ performance
  • Access to investing resources and pension information
  • Quick and easy to set up through the CIRCA5000 app

How to transfer pensions?

Which brings us to the next obvious question. How do we actually transfer pensions? CIRCA5000 makes it easy. You first need to open a CIRCA5000 pension by tapping ‘Personal Pension’ from the 'Invest' tab of your app and completing the application. Once opened, head to your Pension account and tap ‘Transfer in a pension’ to begin your transfer. We'll ask for your existing pension details, but if you don’t know these, don’t worry. Just tap 'Help me find my lost pension' to share the details of your employer and when you worked with them, then we'll help trace your pension details for you.

Learn more about transferring pensions with CIRCA5000 with us here. Our customer service team are on hand to help if you need. Just email them at hi@circa5000.com, or using your in-app chat.

When investing your capital is at risk.  You should carefully consider whether opening a CIRCA5000 pension or transferring your old pensions to CIRCA5000 is right for you.  Please note that tax rules and reliefs depend on your personal circumstances and might change. CIRCA5000 does not provide financial or tax advice and you are responsible for your own tax reliefs / payments.  

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