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Pension transfers and consolidation

Leaving your pensions scattered in the wind can make it harder to keep on top of them. Simplify your pension savings by transferring your old pensions into a single account. 

Why consolidate my pensions?

Bringing all your old pensions together in a Legal & General pension will simplify your retirement savings. Our online portal MyAccount, will let you manage and monitor them in just one place. You might save money on fees and charges too.

Because it’ll be much easier to keep an eye on them, you’ll feel much more in control.

How transferring your pensions works

If you already have a Personal or Workplace Pension with us then just head for MyAccount. You can start the transfer process there. We don’t charge for it, though other providers might charge an exit fee. Make sure you check before you make any final decisions.

If you don't have a pension with us, you can set up a Personal Pension today. We can then transfer your other pensions into it. To set it up, you just need to be a UK resident aged between 18 and 74. You can start taking money out of it once you’re 55 or older (57 from April 2028).

Why choose our Personal Pension?

Easy to set up and manage

Either choose one of our five funds or our default investment option. Then sign up and manage your account online.

Clear and simple charges 

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. Today we help about 14 million people with their savings, protection and retirement needs.

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.

Setting up our Personal Pension

Choose your investment

You can go for either one of our five multi-index funds, or our default investment option.

Open your new pension

We’ll ask about your existing pensions. It’s a good idea to have their details ready before you start.

Start the transfer process

Just visit the MyAccount page of your new Personal Pension and ask us to start it. We’ll do the rest.

Your investment choices

Simple Fund Choice

Just choose one of our five funds, based on how much risk you’re comfortable with.

Default Investment Option

Let us manage your investment risk levels for you throughout your savings journey.

If you’re not sure what the best choice for you is, we recommend talking to a financial adviser. If you don’t already have one, you can find one at Unbiased.

What might stop me from transferring my pension?

A pension transfer isn’t always the right choice. Your old pensions might have valuable features or benefits that our Personal Pension doesn’t offer. We’ll always check that for you and let you know of any possible issues there.

If your pension pots are smaller than £10,000, it might be more tax efficient to leave them where they are. Any exit charges might be too high. And you could just prefer the investment options your old pension offers.

You might have lost track of an old pension. Our article on How to track down your old pensions explains how to find it again. Or you can go straight to the Government’s free pension tracing service.

Remember also that our Personal and Workplace Pensions invest in stocks and shares, so the value of your investment can go down as well as up. That means its value isn't guaranteed and you may get less back than you put in.

And finally, if you’re thinking about applying for one of our Personal Pensions, please read our Key Features and Terms and Conditions first.

Pension transfer and consolidation questions

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

It only takes a few minutes to ask for a transfer through My Account. Once you’ve done that, it usually takes between two and four weeks for the money from your old pension to reach the one you’re transferring it into.

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.

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.

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.

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’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.

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.

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.

You can usually start transferring money from your pension and into a bank account once you’re 55 or older. But this isn’t always the best decision. If you’re thinking about this, it’s best to talk to a financial adviser to confirm it’s the right choice for you.

It depends when you check both of them. If you get them at the same time, it probably will be. But if you get them at different times, the value of your pension investments might go down or up. That means you’ll end up with two different figures.

Helpful links

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

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Pensions explained

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

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Understanding risk

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

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Want to get in touch?

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

Our pension expert
Fahad Ahmed

Fahad Ahmed

Product Manager, Product & Proposition, Retail Savings

Fahad has a strong personal commitment to making sure that our offer is easy to understand and accessible to all and is keen to represent the voice of our customers. He makes sure that they get fair value and enjoy the right outcomes when they buy one of our savings products, focusing in particular on our personal pension and ISAs.

More about Fahad