Transfer Options for your Pension Credit
Transfer into your existing occupational pension scheme (Final Salary or Money Purchase)
This might be possible, but it would depend on the type of scheme and would be at the discretion of the scheme trustees. Sometimes a transfer in would not be possible - for example, if your company pension scheme was Contracted In and the Pension Credit included any Contracted Out (Protected or Safeguarded Rights) benefits.
If you transfer into a Final Salary pension then the Pension Credit would be converted from a monetary amount to a number of "added years" - you would then have to make the decision of whether the extra benefit within the scheme represents good value for money. Final Salary pensions often have a spouse's benefit costed in, which is of lesser value to a divorcee.
Transfer into your existing personal pension policy
Again, this might be possible depending on the policy conditions. Older-style personal pensions can have high charges and a limited choice of investment funds in comparison with more modern policies.
Transfer into a new personal pension
If you have no suitable policy which can accept the transfer in of your Pension Credit, then you will need to set up a new Personal Pension.
We can look at all the available alternatives, including Stakeholder Pensions and Self Invested Personal Pensions (SIPPs) and recommend the most suitable policy for you, based on your personal requirements.