Some providers don't accept transfers out from them until the previous workplace pension provider accounts have been closed. This can delay the transfer process over to Penfold, so we've put together a guide for employers and their intermediaries or accountants. This guide can facilitate a seamless transfer process for employees by providing step-by-step instructions and essential information.
NEST
We can initiate the closure of your company’s NEST account on your behalf, all we need for this is for you to give us delegate access and to let us know your preferred exit date from NEST / start date with Penfold.
How to give Penfold delegate access
Name of organisation: Penfold Technology Ltd
Delegate organisation ID: TPA017813884
Type of access: Full Access Delegate
Email: workplace@getpenfold.com
We will then initiate the closure. Once initiated, the closure takes 28 days to be processed by NEST, after which we can go ahead and submit the transfer requests.
NOW: Pensions
They only allow employers and their intermediaries/accountants to close the accounts themselves, this cannot be done by Penfold. To initiate the closure with them, please email clientsupport@nowpensions.com and state that you wish to close down the company workplace pension scheme as you are fulfilling auto-enrolment requirements elsewhere. Please also include your NOW:Pensions four-digit employer code in the email.
Options UK
They only allow employers and their intermediaries/accountants to close the accounts themselves, this cannot be done by Penfold. To initiate the closure with them, please put a leave date and £0 contribution in the next payroll schedule before uploading it.
Royal London
There is no action required from the employer to close the accounts with Royal London. Once the contributions to Royal London stop, the customers can request to transfer their pension pots away from them.
Scottish Widows
They only allow employers and their intermediaries/accountants to close the accounts themselves, this cannot be done by Penfold. To initiate the closure with them, please contact them via phone at 0345 600 4401 or via email at workplacepensionscustomerservice@scottishwidows.co.uk and let them know that you wish to close down the company workplace pension scheme as you are fulfilling auto-enrolment requirements elsewhere.
Scottish Widows will then email the scheme manager with the steps needed in order to close down the workplace pension scheme.
Smart Pension
They only allow employers and their intermediaries/accountants to close the accounts themselves, this cannot be done by Penfold. To initiate the closure with them, please:
- Mark employees as leavers. Instructions about how to do this can be found here: https://support.autoenrolment.co.uk/en/articles/3696002-updating-employee-details
- Add the employees’ exit dates as the last date of the notice period (this date should be the date before you start with Penfold) and add the exit reason: employee left employment.
You also need to:
Once all of the above has been actioned, please email closingaccounts@admin.smartpension.co.uk and confirm with them that you wish to close down the company workplace pension scheme as you are fulfilling auto-enrolment requirements elsewhere.
Standard Life
They only allow employers and their intermediaries/accountants to close the accounts themselves, this cannot be done by Penfold. To initiate the closure with them, please email corppen_service@standardlife.com or call 0800 634 7479 and state that you wish to close down the company workplace pension scheme as you are fulfilling auto-enrolment requirements elsewhere. They should then provide you with further guidance.
The People’s Pension / People’s Partnership
Employers who wish to stop participating in the People’s Pension Scheme and close their accounts will need to contact their Employer Support Team in the first instance by sending them an email to support@peoplespartnership.co.uk and they must give notice in writing and confirm which payroll period will be the final schedule to the People’s Pension.
Depending on how you submit your data to them, all active members should be marked as “scheme leavers” on the final submission to cease their expectation or receiving any further contributions for you.
This can be done on their online platform by following these steps:
Log into TPP online services → Account home → Manage employees → Submit employee data → Download their contribution file template → Continue → Let’s get started → You can download the latest contribution file as well (on the bottom of the page: ‘Show history’ → download the last month’s processed file: Sheet 2 from this has all the employees’ unique IDs & DOB which will be needed for the new contribution file)
Fill in the employee data (DOB & unique IDs) in the new contribution file template →in the first column add “D” in each row and a “T” right below the last row → in columns E & F (Employer & Employee Contributions) add £0 for each employee → In column F add the number that corresponds to “Employee has left the company” → Column G can be left empty → Column H (Pensionable earnings) add 0.
In the very top row of the contribution file enter the following details: Column A: “H”; Column B: Copy in the company’s identifier code; Column C&D: reference period →Save the file
Upload the contribution file to The People’s Pension website → Confirm all details are correct
Once the final schedule has been settled (i.e. payment received and contributions allocated to member’s pots) they will begin the account closure process. Accounts are usually kept open for around 3 months to allow for any final adjustments/refunds for opt outs to be made, as required.
However, members will be able to transfer their savings to Penfold as soon as they have been marked as leavers and all contributions allocated.