This is the complete guide on everything you need to know about pensions when moving home.
We’ll cover how to complete your pension change of address online in just a few minutes.
If you’re moving home you need to let your pension provider(s) know about your change of address. If your pension providers are registered to your previous address you may miss out on potentially important information.
Since you’re moving home, we will also cover how you can update your address across other essential institutions and companies (HMRC, Council, NS&I, Energy etc…) at the same time.
Firstly, let’s start with a quick, safe and hassle-free way of updating your address across your pension providers (and tell other companies) that you’re moving.
Let’s jump straight in 😎
Tell everyone that you’re changing address in minutes.
At the click of a button we’ll update your address with your Strathclyde Pension Fund and across any other all accounts, at the same time in one place. You can also update your address with other pension providers, water, electoral roll, HMRC, councils and others that you are moving home. You can do this yourself manually if you prefer (see below) or use our hassle-busting service to save hours of time.
Select who needs to know you're moving State Pension, HMRC, etc..
Enter your previous address, new address and the date you moved home
Click submit and we'll update your address with accounts automatically
Our sloths will save you the time and hassle of organising all of the updates by taking care of everything in one place 🦥
SlothMove helps thousands of customers setup their home and change address online every month. SlothMove was created to make moving home hassle-free and simple. And when you move with SlothMove you’re also making an impact as save a patch of South Caribbean rain forest for each move 😊
Once you click submit we’ll update the address on your Strathclyde Pension Fund as well as any other institutions or companies you selected. You won’t need to do anything further, so you can kick-back, relax and spend your time doing something else.
As a minimum most people will have a state pension at some point. In addition this this, you will likely have at least one workplace pension and potentially a self-invested personal pension (SIPP) with a company like AJbell or Legal & General etc..
When moving home you must update your address across all of your pension providers. If you don’t it can have an impact on your credit-score and mean you may miss out on important mail.
To update your address typically means completing several different forms or having multiple conversations. However, SlothMove’s change of address platform means that you can now update your address across all providers simultaneously.
In addition to this, we’ve included how to update your address across all of your pension providers below.
The current UK state pensionable age is 66, set to rise to 67 between 2026 and 2028. You can complete your state pension change of address online in minutes. If you’d like to update your state pension yourself directly, you’ll need to update HMRC which you can do by calling 0300 200 3300 or creating an account here.
You can complete your True Potential Investor pension change of address online in a few clicks by using SlothMove’s change of address service. If you’d prefer to update True Potential Investor yourself manually, you can call 0800 046 8007. As you know, True Potential Investor is a self investing pension plan (SIPP).
You can complete your RBS Pension Change of Address online in a few clicks by using SlothMove’s change of address service. If you’d prefer to update RBS yourself manually, you can call The Royal Bank of Scotland’s Pension Fund on 01737 227549.
You can complete your National Grid pension change of address online in a few clicks by using our online change of address service. If you’d prefer to update National Grid yourself manually, you can call National Grid UK Pension Scheme on 0118 936 8996
You can complete your Railways pension scheme change of address online in a few clicks by using our online change of address service. If you’d prefer to update Railways yourself manually, you can call RPMI (British Rail Pension scheme) on 0800 012 1117
You can complete your Barclays pension scheme change of address online in a few clicks by using our online change of address service. If you’d prefer to update Barclays yourself manually, you can call Barclays Bank UK retirement fund on 0800 111 6768 or create an account with William Towers Watson here.
In 2021, you can take your State Pension from age 66. Age 66 is also known as the State Pensionable Age (SPA) and increases over time inline with the UK’s life expectancy. So, the current UK state pensionable age is 66, set to rise to 67 between 2026 and 2028.
In addition to your state pension you may also have a workplace pension or a self invested pension pot (SIPP). If you’re not aware of all of your pensions you can use the Government’s free pension tracing service. You can call the UK Pension Tracing service on: 0800 731 0193
With your private pension you may be able to withdraw your pension much earlier than 66. You will need to check with your private pension provider to see the age from which you can withdraw. It could be as early as age 50, but is typically 55 – 60 years of age.
So, when can you withdraw from your SIPP? If you have a SIPP you can withdraw at age 55. The age from which you can draw down from your SIPP will increase to be 10 years behind whatever the state pension age is. You can withdraw from your SIPP earlier but that will incur significant fees for doing so.
According to the FCA, the average pension pot in the UK is £61,897. If you were to purchase a basic annuity with that pension pot you may expect around £2,500 per year – even less if you’d like to it to increase with inflation or be transferable to your spouse etc…
In 2021, the maximum State Pension you can expect is £9,338.16
Therefore, the average person aged 67 can expect an annual income of just under £12,000 – or £1,000 a month.
We know that the average pension pot in the UK is around £61,897 at age 65. Knowing this, we can extrapolate to estimate the average pension size at 55.
Yes, you must update your address with all pension providers when changing address. When moving home it is important to update your address with your companies and institutions. This is especially important for anything financial, such as pensions or HMRC.
Having the incorrect address can have an adverse impact on your credit score. You’ll also miss important communications from your pension providers if they’re not updated.
From April 2021 the UK government increased the weekly State Pension to £179.60.
Under the Government’s rules you are required to have 10 qualifying years on National Insurance to qualify for a State Pension.
To get the new full state pension you will need 35 years of National Insurance Contributions.
We’ve covered everything you need to complete a pension change of address and the pension moving home process 🎉
We’ve discussed how to update the registered address on your pensions, the types of pensions you may have (State, SIPP, Private). We’ve also covered some insight on the average pension amounts in the UK and elgibility. Now we’ve covered how to update your address, feel free to explore how SlothMove can help with your home move.