Changing the investments in your pension plan

If you’re considering a change to the investments including funds held in your pension plan, we’ll be happy to help. It’s important to note that this option is only available on certain plans and that you can’t cancel a switch instruction once it’s been given, however you can give subsequent instructions to us. Please be sure you understand all your options, and the effect of any changes you make. There are a few things you should think about before you make any decisions.

If you have any questions once you’ve read this summary, or need any help understanding your options, just call us on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad. We might record your call for training and quality purposes. To find out more about how we use your personal data please visit


How a pension plan works

There’s a variety of pension plans available. They’re designed to provide a tax-efficient way of helping you to build up a pension pot to provide for your retirement.

Pension plans offer tax relief on your payments, subject to certain limits, with any growth in your plan being largely tax-free. In most cases you can take up to 25% of your plan tax-free and the remainder will be taxable.

You might need to pay tax depending on your circumstances and the options you choose. Tax rules can also change in the future. You may want to seek advice.

Your options

Where you have a choice of investments, the options vary depending on your plan. We can explain these if you get in touch. They could include:

  • Switching some or all of your investments
  • Directing future payments to other investments

Things to consider before making your decision

There are some things you should think about before making any changes:

  • There’s no guarantee that one investment will perform any better than another. In making your decision you should consider your attitude to:
  • There may be a charge to switch between investments.
  • Charges may differ between investments.
  • You can switch some or all of your money between funds at any time, however there are limits to the number of funds you can invest in.
  • Switching out of the With-Profits Fund could result in a market value reduction causing the amount switched from the fund to be reduced.
  • Possible delays: in some circumstances your switch instruction could be delayed. We’ll let you know if this applies.
  • You may lose any guarantees, benefits and options on your existing investments.

It’s important to know that the value of investments can go down as well as up so you might not get back the amount you put in.

If you’re invested in - or have access to - a lifestyle option, you should think about how and when you plan to take your benefits. This option automatically moves your investment into less risky funds, as you get closer to taking your benefits. If you’d like to know more, just give us a call.

Protecting yourself from pension scams

Fraudsters are always out there and constantly changing their tactics. So if you’re thinking of reinvesting the money from your plan, take a minute to find out more, and stay ahead of the scammers. There is also some very useful information available from The Pensions Regulator.


What to do now

Give us a call on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad. We can’t give you advice or make your decision for you, but we’ll be happy to help you understand your plan and talk you through all your available options and their possible implications.

We’re here 8am - 6pm Monday to Friday (except bank holidays) and happy to help in any way we can. Please make sure you have your plan number to hand when you call.
Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers at You may be charged for their services.