Leaving the Scheme
Find out what happens to your pension if you leave Wincanton and how to make the most of your savings going forward.
This page explains what happens if you leave the Defined Contribution (DC) section of the Scheme. The Defined Benefit (DB) section closed on 31 March 2014.
If you leave Wincanton, or opt out of the DC Scheme, you’ll no longer be able to pay contributions into the Scheme, and Wincanton will also stop paying in. What happens with your pension account will depend on how long you’ve been a member of the Scheme and when you joined.
If you leave within 30 days of joining
If you leave before you’ve been a member for 30 days, you may get a refund of your own contributions.
Transferring out isn’t always simple and advice is often required
In many cases, you’ll need to get advice from a regulated financial adviser before the transfer can be completed. Even if advice isn’t required, we strongly recommend speaking to a professional to make sure it’s the right move for you.
If you leave after 30 days of joining
If you’ve been in the Scheme for at least 30 days, you’ll have two choices:
- Leave your pension where it is
Your money will stay invested until you’re ready to take it. You won’t be able to pay in anymore, but the value of your savings can still grow or fall over time.
- Move your pension to another scheme
You may be able to transfer your pension to a new employer’s scheme or to a personal pension. It’s a good idea to compare options and speak to a financial adviser before doing this.
You might consider transferring your pension if:
- You want to keep all your pensions in one place
- You’ve joined a new scheme and want to move everything there
- You want different investment choices or more flexibility
Before you go ahead, it’s important to:
- Check that the new scheme accepts transfers
- Compare charges, investment options, and benefits
- Make sure the provider is registered and reputable
- Understand that once your pension is transferred, you can’t move it back
If you’ve decided that you want to transfer your Wincanton pension to another scheme you’ll need to:
- Contact Capita to request a transfer value from the Scheme
- Confirm you want the transfer to go ahead
- Complete any forms your new provider sends you
- Be ready to provide further details if requested
Request received
Up to 5 working days
Capita send you a letter confirming your request and asks your new provider to confirm they can accept the transfer.
In some cases (such as transfers to Self-Invested Personal Pension (SIPPs)), your request will need to be reviewed and approved by the Trustee. You won't be notified straight away if this applies, but you will receive regular update letters.
Provider responds
Up to 4-6 weeks
Your new provider sends you a Member Discharge Form to complete and return. You’ll need to chase them if there are delays.
They may ask for extra details, including where you heard about the receiving scheme and what fees apply. If there’s a delay, you may need to follow up directly with the provider.
Checks completed
Up to 3-4 weeks
Once Capita receive your signed form, they complete checks to prevent fraud or scams. They may ask you or your new provider for details. You may be asked to receive guidance from MoneyHelper too.
Transfer completed
Up to 5 working days
Once checks are done, Capita disinvest your savings and transfer the funds to your new provider. You’ll receive a confirmation letter once the transfer is complete.
Remember
Transferring between pension arrangements takes time. You should allow for systems and records to be updated before your new balance is shown.
In certain circumstances (for example if you are transferring to a SIPP), there may be additional steps and checks to go through. If this is the case, we’ll tell you at the start of the transfer process.
What if I die before taking my pension?
If you die before you’ve taken your pension, the money in your account will usually be paid to your beneficiaries. To make sure this goes to the right people, it’s important to keep your Nomination of Beneficiary form up to date. Read more about death benefits here.
Death benefits