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Can I transfer a defined benefit pension to Penfold?
Can I transfer a defined benefit pension to Penfold?
Laura avatar
Written by Laura
Updated over a week ago

Unfortunately we can't currently transfer a defined benefit pension over to Penfold.

This is because a defined benefit pension has special benefits for when you retire (for example, they may pay you your average salary for the time that you were employed and contributing to that pension). Defined benefit pensions are really valuable, and are specially protected by the government as they're quite rare nowadays. We wouldn't want you to lose your benefits by transferring this over to us!

Are there any exceptions?

The only exception to this would be if you were a member of this policy for less than 2 years - in this case, there may be a possibility that we can accept your transfer.

What we'll need for this is confirmation from your previous provider that you don't have any guarantees or safeguarded benefits on the plan. If this is the case for you, please submit your transfer request, and our Transfer Team will be in touch to help you request this confirmation from your previous provider. 😊

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