Combine your pensions

• Your unique account reference
• What type of pensions you have
• Chosen retirement age
• The value of your pensions
• The transfer value of your pensions (this may be different to the value of your pensions)
• Do they charge you to transfer your pensions
• Do your pensions provide any special benefits

If your pensions have any safeguarded benefits, or other guaranteed features you could lose them if you transfer your pensions to another provider. Here are some of the more common ones:

• Final salary or defined benefit pensions schemes provide a retirement income for life
• Guaranteed Annuity Rates (GAR) promise a guaranteed rate if you buy an annuity with the same provider
• Guaranteed Minimum Pensions (GMP) and Section 9(2B) rights provide a guaranteed minimum fixed retirement income
• Pensions review top-up plans offer a guaranteed level of income
• Guaranteed lump sums pay a sum of money in circumstances such as the death of a pensions holder.
• Guaranteed investment returns during accumulation (e.g. with profits) promise a guaranteed investment income or growth
• Scheme specific tax-free cash/enhanced tax-free cash
• We’ll process your transfer as quickly as possible but, just so you know, transferring between providers can take several weeks
• We’ll transfer your current Pension to us in cash, so your current investments will be sold first. You’ll be out of the market until your transfer completes. This means you won’t lose out if markets fall but, likewise you won’t benefit if markets rise

• That our pensions give you the investment options and features you need, and our charges compare with those of your existing provider
• If your provider will charge you for transferring - if there’s a fee, the cost could outweigh the potential gains

Unfortunately, not all pensions can be transferred to Virgin Money. We can’t accept:

• Pensions with a guaranteed annuity rate
• Pensions with safeguarded benefits or guarantees, such as a Guaranteed Minimum Pensions
• Pensions you've already taken money from
• Defined benefit pensions (e.g. final salary schemes)

• If your pension has a safeguarded benefit and is worth £30,000 or more, you must take independent financial advice before transferring it. Visit unbiased.co.uk to find an adviser in your area
• If your pension offers a level of income in retirement but the pension, including the benefit, is worth less than £30,000 then you don’t need to get financial advice, but the benefit will probably be lost if you transfer it
• If you’re not sure whether to transfer your pensions, get in touch with your current pensions provider or get independent financial advice before going ahead
• Alternatively, if you’re over 50 and have a Defined Contribution Pension, the Government’s Pension Wise service provides a free 45 to 60-minute guidance session with a pensions specialist. You can book an appointment with them online, or by phoning 0800 138 3944 – they’re open Monday to Friday, 8am to 8pm