Get up to 125,000 Virgin Points by transferring a pension to Virgin Money

This article is sponsored by Virgin Money which is responsible for its content

Virgin Money has launched an offer for anyone who is interested in transferring their existing pensions into a Virgin Money pension.

You can earn 125,000 Virgin Points if you transfer a pension worth over £100,000 to Virgin Money by 23rd August. However, you can receive a smaller reward by transferring as little as £1,000.

Existing Virgin Money pension customers can benefit if they transfer another pension which is held elsewhere.

You can find out more and full offer terms on the Virgin Money website here.

How does the offer work?

To qualify for this offer, you need to be a member of Virgin Red (which you can join for free if you are not a member) and transfer one or more pension(s) worth at least £1,000 to a Virgin Money pension by 23rd August 2024.

The funds must be kept in the pension until 20th December 2024 to qualify for the Virgin Points.

How many Virgin Points will you earn?

The amount of Virgin Points you will receive depends on the total amount of money transferred into the Virgin Money pension:

You can only earn Virgin Points on the transfer of an existing pension and not on any additional investment you make yourself.

What can you do with 125,000 Virgin Points?

Virgin Red offers you a genuinely broad range of ways to spend your Virgin Points reward.

What can you say about a list of rewards that ranges from a Greggs sausage roll for 200 Virgin Points, to a stay at Sir Richard Branson’s brand-new luxury hotel in Mallorca for those with a six-figure balance?

And, of course, you have flight rewards. This article shows you how many Virgin Points you need for reward flights on Virgin Atlantic, Air France, KLM, Delta and other SkyTeam airlines. 125,000 Virgin Points would be more than enough for return flights for one person to New York JFK (peak or off-peak), Barbados (off peak), The Maldives (off peak) or Shanghai (off peak) to pick just a few examples. Terms apply. Taxes, fees and carrier-imposed surcharges apply to reward flights and charges must be paid in cash.

How is your money managed?

Virgin Money’s pension has been designed with simplicity in mind and offers two choices for customers to choose from, Navigator and Self Drive. Both pension options are managed by a dedicated team of investment experts.

• Navigator – is a hands-off way to manage your pension. Virgin Money automatically adjusts your investments as you age, moving towards more stable and lower risk investments as retirement approaches.

• Self-Drive – is for customers who want to steer their own route to retirement. It consists of four different investment approaches to suit different risk appetites: Careful Defensive, Cautious Growth, Balanced Growth and Adventurous Growth

The options are explained through a series of guides and videos on the Virgin Money website here, as well as two easy Navigator or Self Drive calculators.

With Virgin Money’s Online Service and dedicated app, you can keep track of your pension wherever you want to, as well as top up at any time.

What fees will you pay?

You pay up to 0.75% of your pension pot in total each year, based on the value of the account.

This is made up of two clear and simple charges – an Account Charge of 0.30% for managing the account and an Annual Management Charge of up to 0.45% for managing the investments.

Remember, the value of investments can go up and down, so you may get back less money than you put in. Tax depends on your individual circumstances and the regulations may change in the future. Currently, with this product, you can only access your pension money as a lump sum from age 55 (57 from 2028). So, if you’re looking for flexible access, this might not be the pension for you.

Where can you find out more?

You can find more information on the Virgin Money pension offer on its website here.

Virgin Money is a trading name of Virgin Money Unit Trust Managers Limited.