Getting your pensions into one place
If you have pension pots with previous employers, you can normally transfer them into your current workplace plan. There could be benefits to combining your pension pots, including:
- Saving money: charges may be lower.
- Having more choice: investment options may be better.
- Having more access and support: such as online access that helps you track and manage your investments in real time.
- Saving time: dealing with fewer pension providers can save valuable time whenever you want to make changes.
If you are considering transferring your plan to us, we recommend you read the Guide to pension transfers.
I don’t know where my pension pots are...
Use our pension trace and consolidation service, provided by My Future Now (MFN). My future now is part of Legal & General Workplace Savings and is authorised by the Financial Conduct Authority (FCA).
- A quick, free and easy way to combine all your pension pots in one place
- The potential to save on pension management charges
- Online process accessible from your laptop, tablet or phone
- Easier to plan your retirement income
- There’s no obligation to proceed
I know where my pensions are...
If you decide not to use My Future Now to transfer other pots into this pension plan, you can call our helpline on 0345 300 4256 or email us at firstname.lastname@example.org and we will send you the transfer paperwork. You’ll need to know the name of your previous provider(s) and ideally a policy or reference number.
Once you’ve returned the paperwork to us we’ll contact your previous pension provider and start the transfer process for you.
When the transfer has been completed, we’ll write to you to confirm how much was transferred.
Watch the video for information about combining pensions into one place and how to get help tracking down lost pensions.
There are a few things you need to consider before you decide to combine your pension pots. For example, consider the charges for each plan, whether there are any penalties for transferring, whether there are any benefits or guarantees you might lose if you move your money and what options are available at retirement.
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 pension 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:
- Defined Benefit scheme (referred to as final salary schemes)
- Has a Guaranteed Annuity Rate
- Has a Guaranteed Minimum Pension
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 on 0345 070 8686 for further information.
We also 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.