Transferring your pension

As a deferred member, you have the option to transfer your Sainsbury’s pension to another arrangement at any time. It’s a big decision, and you need to be very careful not to be scammed. 

You can log in to Benpal to see how much your pension could be worth if you transferred it. (This amount is called your cash equivalent transfer value, or CETV.) The figure you see on Benpal is just an estimate; if you decide to go ahead with the transfer, Aptia will provide you with a guaranteed CETV quotation that will be valid for three months. 

Your pension in the Sainsbury’s Pension Scheme is a valuable benefit. If you transfer it out of the Scheme, you will no longer receive a pension from the Scheme and neither will your spouse or dependants. 

The Trustee of the Sainsbury’s Pension Scheme has appointed a company called LV= to provide advice and guidance to members of the Scheme, at a competitive, fixed-rate fee. LV= can give you regulated and impartial advice about whether or not to transfer your pension. 

They have a dedicated website for Sainsbury’s members, listing their services and how to get in touch with them. Visit it at: www.lv.com/sainsburys

If your transfer value is worth more than £30,000, the law says you have to get regulated financial advice from an expert called a ‘pension transfer specialist’ before the transfer can go ahead. Even if you have a smaller transfer value, you should still think about taking advice. This is to protect you from the risks of making the wrong decision and from becoming a victim of a pension scam. If you don’t want to use LV=, you can find a pension transfer specialist in your area on this website: www.moneyhelper.org.uk