Can I transfer any pension into J.P. Morgan Personal Investing?

You can transfer the following types of pensions to us, as long as you haven’t started to draw down from them:

• Self-invested Personal Pensions (SIPPs)
• Personal Pensions
• Defined contribution (DC) pensions
• Most defined benefit (DB) pensions (also known as final salary pensions) 

We don't accept DB pension transfers from local authority pensions or the Universities Superannuation Scheme.

If your pension has safeguarded benefits valued at over £30,000, you must get specialist financial advice before transferring it. Pensions with safeguarded benefits include DB pensions, and DC pensions with guarantees – such as guaranteed minimum pensions (GMPs) and guaranteed annuity rates (GARs). To find an adviser or ask any questions about the type of pension you have, get in touch with MoneyHelper. 

If your pension has safeguarded benefits valued at under £30,000, you can transfer it without financial advice. You'll need to sign a declaration stating that you're aware of the product features you'll be losing and are comfortable to go ahead with the transfer.

Please think carefully before you transfer a DB pension, because of the benefits they offer.

Does the government pay into my Personal Pension?

Yes, when you make a contribution to your Personal Pension, the government will also contribute in the form of tax relief – up to a contribution of annual pension allowance of £60,000 or your total annual earnings (whichever is lower). Pension contributions eligible for tax relief are generally capped at your total annual earnings and subject to an annual allowance of £60,000 per tax year (reducing to a minimum of £10,000 for high earners).

This is because whenever you contribute to your pension, that money is exempt from tax. However, when you pay into a Personal Pension, you've already paid tax on that portion (unlike workplace pension contributions which are taken pre-tax). So, the government contribution in the form of tax relief acts as a way to repay tax you've already paid on your pension contributions. We automatically claim this for you at the basic rate of Income Tax, which is 20%. For example, to make a total contribution of £10,000:

• You pay in £8,000
• We claim the basic rate of tax relief (20%) from the government, which is £2,000
• This works out to be an extra 25% on top of the contribution you made, because £2,000 is 25% of £8,000. 

With our Personal Pension, we'll add this amount to any contribution you make straight away (known as 'relief at source'), so you can benefit from having the money invested in your pension pot as soon as possible. And, if you're a higher or additional rate tax payer, you could claim back even more from the government by filing an annual tax return.

Tax rules vary by individual status and may change.

How long does it take to transfer a pension to J.P. Morgan Personal Investing?

Most pension transfers take between two and three weeks to complete, but some can take up to three months – depending on your current provider.

How can I track my pension transfer?

We’ll keep you updated on the status of your transfer via email, but you can also keep track of it by going to ‘My transfers’ in the ‘Transfers’ section of the mobile app or web dashboard. If you don’t hear from us for a while, don’t worry, we’ll actively be tracking the transfer of your pension. If it’s still in the hands of your current pension provider, we’ll ask them for an update every seven business days.

What if I can’t find my pension information?

You can use the government's Pension Tracing service to help track down any of your previous pensions. Once you've transferred your pension to us, you'll find all the details you need in our mobile app or web dashboard.

How much should I contribute to my pension?

It can be difficult to know when to start contributing to your pension, or how much you'll need to achieve your retirement goals. To get started, take a look at our pension calculator to explore how you could reach your desired annual income during retirement. 

As with all investing, your capital is at risk. The calculator is not a reliable indicator of future performance.

How much can I expect to get back?

Your pension returns will depend on a range of factors, including how much you invest, your timeframe, and your pot settings – such as investment style and risk level. To help you understand how much your pension could be worth at retirement, you'll see a projection of possible future outcomes when you open a pension with us. The projection is based on the information you entered and is shown in today's money, assuming an inflation rate of 2% (although inflation rates will vary over time).

How much do you charge?

Like other investment managers, we charge a fee for managing your pension. This is based on a percentage of your portfolio value and will depend on which investment style you choose. You'll also be charged fund costs and market spread for any investments you have with us. Read more about our costs and charges.

Can I transfer my pension to another provider?

Yes, you can transfer your pension with us to another provider at any point with no exit fee. Before you transfer, contact your new provider to check that you won't lose any benefits as a result, or pay additional charges you may not be comfortable with. It’s important to note that if you transfer your pension to another provider, unfortunately, you won’t be able to transfer it back to us again.

Can my employer pay into my Personal Pension?

This will depend on your employer, but the option is possible while you set up your pension. You can find everything you need to know about employer contributions in this article.

Is a Personal Pension the same as a SIPP?

No, our Personal Pension isn't a SIPP. A SIPP offers investors more flexibility over a wide variety of investment options, and is more suited to clients who want a hands-on investment experience, as they can choose the underlying investments themselves.

Our Personal Pension is managed by our expert investment team, who decides how and where your money is invested. It's tailored to your choice of investment style and managed at a risk level that suits you. Read more about how we invest.

How often do I get statements?

You can see where your pension pot is invested and how it's performing anytime in our app or web dashboard. We also send you an annual Statutory Money Purchase Illustration (SMPI), an annual Pension Saving Statement (PSS) and a quarterly Valuation Report. Learn more about all your reports and statements.

What are my options when I reach retirement age?

The Normal Minimum Pension Age (NMPA) is currently 55, but this is increasing to 57 in 2028. As soon as you reach the NMPA, you have a number of options when it comes to your pension:

• Stay invested – you don’t have to act immediately
• Take up to 25% of your pension pot tax-free (up to the lump sum allowance of £268,275) – this can be taken all at once, or in smaller amounts over time
• Take income from your pension, also known as drawdown – subject to income tax
• Secure a guaranteed income by purchasing an annuity – the income from an annuity is subject to income tax

You can mix and match the above options to suit your needs. For example, you might take a tax-free lump sum and use the rest for drawdown or an annuity. An annuity gives you a fixed guaranteed income, whereas drawdown will vary depending on the performance of your investments. We offer drawdown in partnership with our pension administrator Embark. 

If you hold a Personal Pension with us, you'll receive a 'Pension wake up pack' five years before you reach the NMPA, and a subsequent one every five years until retirement. It includes additional information about your options when deciding to retire. To learn more, take a look at MoneyHelper's retirement checklist. 

It's worth remembering that the State Pension age is later than the NMPA. It's currently 66 for men and women, but is due to increase from May 2026. If you're unsure about when you can start receiving your State Pension, you can check your State Pension age.

Does J.P. Morgan Personal Investing work with a pension operator?

We invest and manage your Personal Pension. The operator and administrator is Embark Services Limited and the trustee is Embark Trustees Limited. But all contact you receive will be from us, and we can answer any questions you might have.

What happens to my pension when I die?

It can be difficult to understand what happens to your pension when you pass away, and what the potential tax implications may be. 

We’ve outlined the current pension rules below to try and help you understand what your loved ones can expect. We’ll focus on the rules for defined contribution schemes, as that’s the type of Personal Pension we offer. For other types of pensions, it's best to check directly with your pension provider. 

Regardless of your pension scheme, it's important to make sure your 'expression of wish' (this is what our pension operator Embark calls it) or 'pension beneficiary information' is up to date with your pension provider, particularly if your personal circumstances have changed recently. Pensions are normally written in trust and this information will tell your pension trustees who you would like to receive your pension savings if you die. These people are known as your nominated beneficiaries. Benefits are paid out at the discretion of the trustees and while trustees are not legally required to follow your wishes, they do take them into account in the majority of cases.

What happens to your pension after you die depends on the following:

• Your age at death – whether you are under 75 or not
• If you have 'crystallised' your pension at death – this means whether you have taken any money from your pension or not
• If the death benefits are paid out within two years from date of death
  Scheme specific rules around the benefits payable on death
• From April 2027, the rules around the assets in your pension falling outside of your estate and not being subject to inheritance tax are subject to change

How does the age I die affect my pension?

Younger than age 75

If you die before you reach the age of 75, your remaining pension funds at the date of your death can be passed to your nominated beneficiaries tax-free, up to the Lump Sum Death Benefit Allowance (LSDBA). If you take any tax-free cash payments from your pension before you die, this would reduce your LSDBA. There are also other payments that will reduce your LSDBA, like a serious ill-health lump sum.

Lump sum payments in excess of the LSDBA will usually be taxed under normal income tax rules. 

Aged 75 or older

If you pass away at the age of 75 or over, your remaining pension fund at the date of your death will usually pass to your nominated beneficiaries, who will be taxed at their marginal rate of income tax.

What other taxes affect my pension if I die?

Currently, the assets within your pension fall outside of your estate and are not subject to inheritance tax – this is subject to change from April 2027.

If you've taken your tax-free lump sum out of your pension before you die and haven’t spent the money yet e.g. it’s in your personal bank account, then this sum would become part of your estate, and would potentially be subject to inheritance tax.

What happens to annuities or my state pension if I die?

Annuity

We don't offer a pension annuity. If your beneficiary wishes to receive an annuity, they will have to transfer your pension to another provider who offers annuity. 

If you hold a pension annuity elsewhere, you'll need to check if your annuity includes an option for it to be paid to your beneficiaries after death.

If your annuity is set up with a 'guarantee period', income would continue being paid to your beneficiary until the end of the 'guarantee period'. They could also get a lump sum if you chose an option called ‘value protection’.

If you set up the annuity on a joint-life basis, your beneficiary (your partner/the person you set up the annuity with) will continue to receive a proportion of the income you were receiving. But be aware that if you opted for a single-life annuity, the payments would stop when you die. 

State pension after death

Normally, your state pension payments stop after death. However, your spouse or civil partner may be able to claim some of your state pension payments after you die. The rules are complex but more information can be found on the UK government's website.

If have questions about your pension, book a free call with our team of experts. 

To discuss your pension options, book a free call with our team of experts at a time that suits you.