Some pension providers require you to take financial advice before they’ll process a transfer. If you're not sure whether this applies to your pension, check your provider’s terms and conditions or contact them directly.
Under UK regulations, you must get advice from an FCA-authorised financial adviser if you want to transfer:
A defined benefit pension worth more than £30,000
A pension with safeguarded benefits worth more than £30,000
Penfold does not usually accept transfers from defined benefit pensions or pensions with safeguarded benefits.
If you believe your pension does not include defined benefits or safeguarded benefits, we may ask you to provide evidence from your provider before we can review your transfer request.
You can learn more about defined benefit pensions in our guide here.