Virgin Money launches rewards offer for new pension customers - you could get 125,000 Virgin Points

To qualify for this offer, customers need to already be members of or join Virgin Red and transfer one or more pension(s) worth at least £1,000 to a Virgin Money pension by 23 August 2024.

They must keep the account open until at least December 20, 2024.

Customers who already have a Virgin Money pension and have transferred one or more pensions to Virgin Money online since January 8, 2024, will also automatically benefit from the bonus Virgin Points reward.

The amount of Virgin Points a customer will receive depends on the total amount of money transferred into the Virgin Money pension.

Total amount transferred in: Virgin Points reward

£1,000 - £9,999: 10,000

£10,000 - £24,999: 20,000

£25,000 - £49,999: 45,000

£50,000 - £100,000: 100,000

£100,000+: 125,000

Transferring or combining old pensions allows customers to consolidate their pension in one place, making it easier to take control of retirement savings, track investments and get a clearer picture of their retirement income.

Virgin Money’s pension includes two choices for customers to choose from – Navigator and Self Drive.

These options aim to help customers take control of their future and grow their money for a brighter retirement.

Both pension options are managed by a dedicated team of investment experts.

The Virgin Money website explains:

• Navigator – a straightforward, hands-off way to manage a pension. Virgin Money automatically adjusts this pension for a customer depending on their stage of life, focusing on growth when the customer is younger and moving to focus more on stability as they get older.

• Self-Drive – 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 approach
  • Cautious Growth approach
  • Balanced Growth approach
  • Adventurous Growth approach

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Jen Adams, chief commercial officer at Virgin Money Investments said: "We know that keeping on top of multiple pension pots can be tricky and time consuming. By transferring or combining existing pensions to Virgin Money customers can easily track and manage their pension plans, and with this rewarding new incentive enjoy an added bonus of up to 125,000 Virgin Points to spend with Virgin Red.

"We want to make managing a pension as straightforward as it should be, by having everything in one place, to give our customers peace of mind helping them build up the confidence to plan for a brighter retirement and feel in control of their money."

Andrea Burchett, chief loyalty officer and managing director at Virgin Red, said: "We’re delighted to partner with Virgin Money to offer customers up to 125,000 Virgin Points when they transfer or combine their pensions to Virgin Money.

"Virgin Points can be spent on a whole host of different rewards with Virgin Red, from everyday treats such as cinema tickets and hot drinks to flights, cruises and unforgettable experiences – there really is something for everyone."