Pension transfers and consolidation
How transferring your pensions works
Simplify your pension savings by transferring in your other pensions to your Legal & General Personal Pension.
When your pensions are all in one place it’s much easier to keep an eye on them and see if you’re heading for the retirement you want.
With My Account, it’s quick and simple for you to bring your other pensions together under one umbrella.
Your online account
The easiest way to manage you pension is using you secure online account.
Why consolidate my pensions?
Combining your pots makes it easier for you to manage and monitor your pension savings all through our online account. It might even save you money on less fees and charges. Although sometimes there are reasons you might not want to transfer a particular pension, for example if they have guarantees or protected benefits, but we will always check and let you know.
Sounds good. What's the risk?
Your Personal Pension invests in stocks and shares, which means the value of your investment will go down as well as up. It isn't guaranteed, so you may get less than what you put in. Please read our Key Features and Terms and Conditions.
Pension transfer and consolidation questions
It depends on your individual circumstances. You might want to consolidate your pensions to one product, for lower fees and charges or to make it easier to see how much you’ve saved. But you might have good reasons not to transfer or consolidate a particular pension. For example, if:
- Your existing pension has lower charges or penalties for transferring.
- You'd lose benefits or guarantees - We can't accept 'final salary' schemes, plans invested in With Profit funds and those with Guaranteed benefits.
- The pension is still being paid into by an employer - we can't accept active workplace pensions.
Before making a decision, you should compare pension products and maybe get financial advice.
If you're a member of a Legal & General Workplace Pension, you may have the option to consolidate into that scheme, which could be suitable for your needs.
Yes, you can trace your pensions by using the Government's Pension Tracing Service and contacting your previous employers and pension providers yourself. Once you know where all of your pensions are you would need to check each one to decide whether consolidating is the best thing to do before applying for a product to consolidate them to.
You can find a local adviser at Unbiased. They can advise you on any aspect of consolidation, from pension charges to investment choices.