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Your pensions, togetherLive demo

Bringing your pensions together

In short

Combining pensions can make them easier to keep track of, but it is not right for everyone. Answer four questions to bring the checks that matter for you to the top. This guide gives information, not advice.

Four questions

1 Do you know where all your pensions are?
2 Are any of them final salary (defined benefit) pensions?
3 Do any have special features, such as a guaranteed annuity rate, protected tax-free cash or life cover?
4 Would any of your providers charge you to move your pension?

Before you combine

7 checks. Answer the questions to bring the ones that apply to the top.

  1. Find every pension first

    Before you decide anything, make sure you have the full picture. The government's free Pension Tracing Service can find contact details for old workplace schemes.

  2. Take special care with final salary pensions

    A final salary pension pays a guaranteed income for life, which you would give up by transferring it. If a pension like this is worth more than £30,000, the law requires you to take regulated financial advice before you transfer it.

  3. Check for valuable features

    Some older pensions include guarantees that are hard to replace. Ask the provider what you would lose before moving, because transferring usually ends them.

  4. Ask about the cost of moving

    Ask each provider whether moving your pension has a charge, and how much it is, so you can weigh it against any savings.

  5. Compare charges and investments

    Look at the yearly charge and how your money would be invested after combining, and compare them with what you have now.

  6. Watch out for scams

    Be wary of cold calls, offers of early access or promises of high returns. Check any firm on the FCA register before you deal with it.

  7. Get free guidance if you are unsure

    MoneyHelper offers free, impartial help with pensions, including Pension Wise appointments if you are 50 or over.

Next step: ask your providers

Use the checklist to ask each provider about guarantees, charges and how they invest. Then decide whether combining still makes sense for you.

Start a pension transfer

In a live version this goes to the provider's secure service. This demo does not collect any details.

This is a demonstration of a concept. The information is general guidance, not personal financial advice, and any figures are made up for the example. For help with your own situation, MoneyHelper offers free, impartial guidance: moneyhelper.org.uk.

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