Kind of. The technical answer is no, but you could implement what would effectively be the same thing as rolling it over, age permitting. Generally speaking, a “rollover” is where you either extend the duration of a financial product, or start a new duration from a higher starting position. The most common use case for this is on fixed-interest and fixed-term bank deposits, and a “rollover” in this case would be where you reach the end of the fixed duration, receive your fixed interest, and either automatically or manually reinvest both your initial capital and interest into another fixed-interest and fixed-duration bank deposit, usually on the same terms and conditions.


With this pension plan, when your chosen duration ends you can do whatever you like with it – withdraw it to any bank account in your name, keep it invested and growing until you need it, or take some and leave some – all options are available to you.


If you wanted to “rollover” this pension plan, you would have to do two things – firstly convert your pension plan account (which is designed for receiving smaller regular payments) into an account type which is designed for holding larger balances and allows you to make regular or ad-hoc withdrawals (this is a quick and easy administrative process), and secondly start a new pension plan which would be funded from the amount you have already accrued in your first pension plan.


This would technically give you a higher guaranteed minimum future value – because the monthly amount you could afford to pay, when funding it from the already-accrued value, would be much higher than you were originally paying in – but to fully “rollover” the full amount accrued would mean that you either have to take the volatility risk on your already-accrued pension value which could, in a worst case scenario, fluctuate to the point where you don’t have enough left to pay the last few payments due over the new pension plan duration, or even worse, be forced to keep your already-accrued pension plan value invested into something with such a pointlessly low rate of return (i.e. cash, or the bank deposits mentioned above) in order to guarantee that you could make all payments over the new term, that you would be losing out on decent investment returns on the already-accrued pension value.


So generally speaking, it wouldn’t be a great idea to deliberately set out to “rollover” the full amount, but there are obvious advantages of gradually transferring already-accrued assets and investments – or even cash in the bank – which do not have a capital guarantee or guaranteed minimum future value, into something which does – whether those already-accrued assets and investments come from an already-completed pension plan, or from anywhere else. If you’re thinking of doing this, or if you find yourself in a situation where you have completed your pension plan duration and want to keep saving more for your retirement, just make sure that you’re not over-committing yourself – make sure that you can stick to the plan, to make sure that you can keep that guarantee in place – and make sure that you’re not harming any other aspect of your overall financial planning if you’re converting investments which you could withdraw from at any time into an investment which is designed to remain fully invested for the full chosen duration.


Additionally, try to avoid being in the situation where you’ve reached the end of your pension plan duration and either don’t have enough money to retire, or wish you had chosen a longer duration. For example, there is very little benefit in choosing a 10-year duration and then starting another 10-year duration – you only get a 100% capital guarantee each time instead of a 160% capital guarantee on the 20-year duration, and also you would receive less bonuses and pay slightly higher charges if you chose to follow a 10-year plan twice, instead of selecting a 20-year plan from the start. 20 years might seem like a long time, but it is less than half the time that most people spend working before they retire – most single-jurisdiction plans worldwide run for significantly longer, often up to 40 or 50 years.


Pick the duration that best fits your financial goals, and stick to the plan!