If you've got pension pots with previous employers, you can normally transfer them into your new plan. Keeping your pension savings in one place could make them easier to manage, cost you less and give you greater choice, but it might not be right for everyone. There are a few things you need to consider before you make a decision, including:
If you are considering transferring your plan to us, we recommend you read the Guide to pension transfers .
We would always recommend taking financial advice to make sure that transferring is the right thing for you. You can find an adviser in your local area at unbiased.co.uk. Financial advisers usually charge a fee for their services, but it will be personal to you and your circumstances. We offer you a way of paying your adviser directly from your pot, called a facilitated adviser charge. The Facilitated adviser charge guide explains how this works.
We will only accept a transfer payment from a pension scheme that has safeguarded benefits or is invested in a With Profits Fund, if you have received financial advice that recommends you make the transfer.
Safeguarded benefits include some sort of guarantee about the rate of secure pension income that you, or your survivors, might receive. Examples include:
You may be able to transfer from a defined benefit pension scheme without advice if the value of your transfer is under £30,000. You should be aware of the risks of transferring from a defined benefit pension scheme and understand the consequences of doing so. Please contact our helpline for further information.
We cannot accept a transfer from a plan that is in income drawdown or flexi-access drawdown. You can check if any of these apply to you on your most recent pension statement from your previous provider.
What to do next
The timescales to complete your transfer can vary. If your previous provider uses the pension provider paperless transfer service your pension transfer could be completed within 10 working days.
If we have to complete your transfer request through the post it will take longer, sometimes up to 8 weeks. This depends on your previous provider's requirements and they may ask you to complete further forms to transfer your pension plan.
This explains what you should think about when deciding whether to transfer an old pension plan.
Keeping up to date with your pension savings is easy with our online service, Manage Your Account.
You can find lost pension pots through the Pension Tracing Service.