How does Jarvis manage Workplace and Personal Pension Jars, and what should I know about transferring them?
Jarvis organises your pension savings into two distinct Jars to help you manage your retirement funds effectively. Below, we explain how these Jars work, the rules for allocating funds, and the process for transferring pensions to another provider.
Overview of Pension Jars
Jarvis separates your pension savings into two categories:
Workplace Pension Jar: This Jar holds contributions currently being made by your employer.
Personal Pension Jar: This Jar contains previous pensions you transfer in from other providers and any personal (non-employer) contributions.
This separation ensures clarity in managing your active employer contributions and personal retirement savings.
Rules for Allocating Funds to Jars
When you transfer a pension from another provider (e.g., a previous workplace pension), those funds are treated as personal contributions. As a result, they are allocated to your Personal Pension Jar rather than your Workplace Pension Jar, which is reserved exclusively for active employer contributions.
Process for Transferring Pensions
If you decide to transfer your pension savings to another provider, it’s important to ensure that both your Workplace and Personal Pension Jars are included in the transfer. To do this:
Provide your new pension provider with both of your Jarvis policy numbers:
The policy number for your Workplace Pension Jar.
The policy number for your Personal Pension Jar.
This ensures that all your funds are transferred together without any omissions.
Key Considerations for Policy Numbers
Always double-check the policy numbers you provide to your new provider to avoid errors in the transfer process.
If you are unsure about your policy numbers, contact Jarvis support for assistance.
By understanding how Jarvis manages pension jars and following the correct steps for transferring pensions, you can ensure a smooth and efficient process for managing your retirement savings.