Bringing pension pots together
If you have pension pots with previous employers, you can normally transfer them into the Mercer Master Trust – IMI Retirement Savings Plan. There could be benefits to combining your pension pots:
- Saving money: charges may be lower.
- Having more choice: investment options may be better.
- Saving time: dealing with fewer pension providers can save time whenever you want to make changes.
- Making things easier: to see what you have and if you are on track with your retirement saving goals.
Is this right for you?
Before you decide to combine your pension pots you need to consider the following:
- The charges for each plan.
- Whether there are any penalties for transferring.
- Whether there are any benefits or guarantees you might lose if you move your money.
- What options are available at retirement.
Safeguarded benefits include a guarantee about the rate of secure pension income that you, or your survivors, might receive. Examples include:
- Defined benefit schemes (final salary schemes).
- A guaranteed annuity rate.
- A guaranteed minimum pension.
We highly recommend that you speak to an independent financial adviser to check whether transferring your pension pot is the right thing for you. To find an adviser in your local area, visit unbiased.co.uk. Advisers usually charge for their services, but advice will be personalised to you and your circumstances.
How do I transfer my pension pots to my IMI pension account?
You can transfer your existing pension pots to the Mercer Master Trust – IMI Retirement Savings Plan by logging into your Mercer Money account and completing the 'Transfer your pots' process.
Please note, the Mercer Master Trust will only accept a transfer payment from a registered pension scheme and, in the case of your ceding scheme having safeguarded benefits or being invested in a "With-Profits" fund, if you have received authorised financial advice that recommends that the transfer is in your best interests. To find an adviser in your local area, visit unbiased.co.uk. Advisers usually charge for their services, but advice will be personalised to you and your circumstances.
