Steps on How to Rollover My BP Pension Plan
Not all company pensions have a lump sum option like the BP RAP Pension. You can take the lump sum option in essentially two ways – cash out or in a rollover. If you simply “cash out," you will be subject to ordinary income tax and, if you are younger than 59½, a 10% early withdrawal penalty. Most people who take the lump sum make a qualified rollover to either a personal IRA account or their 401(k) account to defer taxes on the distribution and continue growing the funds.
BP bases its lump sum amount on the cash balance amount in your pension account. Therefore, depending on your tenure with BP, the lump sum amount will be equal to or greater than the cash balance.
You may start the process of a rollover by calling NetBenefits who will walk you through step-by-step that are outlined below. Call Fidelity NetBenefits at 1-800-835-5095. You will need to confirm identity with personal identification info such as your social security number, date of birth and address. They can walk you through the steps below if there are questions.
Here are the steps to get started on your pension rollover:
Go to Fidelity NetBenefits BP RAP Pension and login
Click on Pension
Click on Collect Tab. This will start initiation process for paperwork.
Choose the Rollover Option. You will then decide 50/50 Option or Lump Sum Option
Choose the name of your custodian of choice.
The paperwork will be ready for download and then you will have to print.
Sign in the current participant section
If you were married when the Pension Plan was established you may need to have spousal consent completed. Your spouse will need to sign in the presence of a notary under “Spousal Consent” section.
Once all required signatures are completed you can upload the document by PDF on the Fidelity NetBenefits app.