Women with jigsaw

Pension transfers and consolidation

Leaving your pensions scattered in the wind can make it harder to keep on top of them. Transfer your old and lost pensions into a single account to simplify your pension savings.

How transferring your pensions works

Simplify your pension savings by transferring in your old pensions to our Personal Pension.

Our online pension makes it simple to manage your investment, putting you in control.

You can start saving into our Personal Pension if you're a UK resident aged between 18 and 74, and start withdrawing money from age 55 (57 from 2028) 

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.

Easy to set up and manage

Select one of five funds or default investment option, sign-up, and manage your account online.

Transparent, simple to understand costs

Low service charge of 0.25% and a Fund Management Charge of just 0.31%.

Forecasting your earnings isn't easy

Start and stop regular payments, and pay additional lump sums, whenever you need.

Trust us to look after your money

We've been around for over 187 years and, today, help over 12 million people with savings, retirement and life insurance.

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.

Women laughing

Sounds good. What's the risk?

Our 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 before applying for our Personal Pension.

Consolidating your pensions takes minutes

You have two ways to invest in your Pension. Tell us about your existing pension and let us do the rest.

If you're unsure if a pension is right for you, get in touch with a financial adviser or find one through Unbiased.

Simple Fund Choice

Choose from five diversified funds based on your risk appetite.

Default Investment Option

This option is available if you do not want to choose your own fund.

How transferring your pensions into one works

Choose your investment type

The first step is to choose between one of five multi-index funds or a default investment option.

Open a Personal Pension

When you open a Personal Pension with us, we’ll ask you to tell us about any existing  providers or pension pots you know the details of – it’s a good idea to have this information ready before you start.

Transfer in any pensions

Lastly, once you've set up a Personal Pension, you can tell us of any potentially lost pension pots you may have and we can transfer them over with our free tracing service.

Pension transfer and consolidation questions

Find out more about transferring and consolidating your pension with our frequently asked questions.

A pension is a good way of building up a pot of money to live on when you may no longer work. If you can wait until you’re at least 55 (rising to 57 from April 2028) to access your savings and you’re comfortable making your own decisions, a personal pension might work for you.

A personal pension should not be considered as a replacement for a workplace pension, if you have access to one, as your employer will also make contributions.

However, a personal pension is an important savings tool if a workplace scheme is not an option or you want to supplement your workplace pension savings.

If you want the option to withdraw your money before you’re 55 (rising to 57 from April 2028), an ISA may be a better option.

Our Personal Pension may be right for you if:

  • You are self-employed.
  • You need flexibility.
  • You are looking to consolidate your pension pot.
  • You are happy to choose from a small range of funds based on your attitude to risk.

Our Personal Pension may not be right for you if:

  • You already have a workplace pension, which satisfies your retirement goals.
  • You have a limited company and want to contribute from your business.
  • You are looking to invest in multiple funds or a wide choice of investment funds, specific equities or property funds.

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.

We can help you find out which pensions you can consolidate, but we can’t advise on whether it’s the right thing to do. 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 www.unbiased.co.uk. They can advise you on any aspect of consolidation, from pension charges to investment choices.

After you’ve given us the go ahead, you can cancel any consolidations that haven’t started by contacting us on:

0345 076 0084

Monday to Friday, 9am to 5pm.

Call charges will vary. We may record and monitor calls.

You'll also have a 30 day cancellation period for any new product that you sign up for, including our Personal Pension.

You should read the conditions of cancellation carefully before applying for a new product.

We don’t consolidate active workplace pension schemes that have been set up and contributed into by your employer. This is because it could mean that you'll miss out on future valuable contributions from your employer.

If you have a Legal & General Workplace Pension, you may be able to consolidate your other pensions into it.

Helpful links

Interested but would like to understand more? These links will help you get up to speed.

Man with cup

Pensions explained

New to pensions? We answer some key questions you might have before you start saving for retirement.

Man and women working

Understanding risk

Investing money comes with a degree of risk. Learn more about how to choose the best risk level for you.

Man on phone

Want to get in touch?

Find all the ways you can get in touch with us about our pension products.