Updated: November 18, 2019

Transfer Pension From Previous Employer

Can you transfer pension funds from an old employer? Find out how this could be possible in our guide.

Get Started

No impact on your credit score

Tony Stevens

Author: Tony Stevens - Finance Expert

Updated: November 18, 2019

If you’ve recently moved jobs and are thinking of transferring your pension to a new employer’s scheme, you’re in good company. This is one of the most common reasons for switching to a new provider.

This is usually a straightforward process, but knowing what’s involved in a pension transfer if you’ve just started work at a new job will help to ensure it goes as smoothly as possible. Fortunately, the pensions advisors we work with are experts when it comes to transferring pensions and can offer the right advice.

To give you an overview of what to expect, we’ve created this article on how to transfer a pension from a previous employer.

Can I transfer my pension to a new job?

If you leave a job, the pension you have accrued remains yours, so even if you don’t do anything with it, you’ll still receive that as a pension when you reach the scheme’s pensionable age.

You can continue to pay into it yourself, or you can transfer the pension from your old employer to your new one. Typically a pension transfer between employers is allowed as long as it’s done up to 12 months before you’re due to retire, but every scheme has different rules on this point, so you’ll need to check the terms and conditions.

Also, be aware that if you want to move from a defined benefit pension or from any pension that is worth over £30,000, by law you must receive independent financial advice before you make a decision to transfer.

This is where one of the expert advisors we work with come in: feel free to make an enquiry to arrange a no-obligation chat, and we’ll be in touch soon to discuss your requirements.

Speak to an expert today

Get Started

How do I transfer my pension from a previous employer?

The first thing you’ll need to check is what type of pension you have with your old or existing employer, so you can find out its value as well as the process you’ll need to follow to enact a transfer.

For example, if it’s a defined benefit pension (such as final salary pension) a Cash Equivalent Transfer Value (CETV) will need to  be worked out. This is an estimate of the value of your pension, and this figure is what will be transferred if you choose to go ahead with a transfer.

It’s really important you speak to a qualified pensions transfer expert, like the specialists we work with, who can advise you on your options before you make a decision.

In terms of the process, expect there to be a written application to request the transfer. You may also have to pay a transfer fee, depending on how long you’ve had the pension and its value.

Can I transfer my pension when I change jobs?

Our customers often want to know how to transfer a pension to a new employer. First you need to find out whether they will accept this type of transfer. Most will, but not every scheme allows it. It’s advisable that you speak to both providers to check what’s possible and what’s involved.

Should I transfer my pension to my new employer?

There isn’t a straightforward answer as there are pros, cons and risks to consider.

Before you make a decision, we recommend that you speak to a qualified pensions transfer specialist who will ensure you understand all the implications.

It’s likely they will discuss the following with you:


Reviewing your pension status
Fees and deadlines

Leaving a job is a good time to review your current pension situation to find out how much you already have invested and whether there are specific targets you’d like to meet, as well as to review any benefits you have and any changes that may have taken place since your pension started. Much of this information will be in your pension statement.

In some schemes, you’ll have to pay a fine if you make an early exit. Also when you move to a new job there may be a transfer period, which means you can transfer within a specified time limit, but if you miss it, a transfer may not be possible.

It’s important to know what your current benefits are and which of them you can transfer over. You may discover there’s a benefit such as a guaranteed annuity rate that isn’t worth missing out on. If that’s the case, you can leave it invested where it is.

Can I transfer my UK personal pension to an employer pension?

It is possible to transfer your UK personal pension transfer to an employer pension however the same risks as above should be taken into consideration before you make a decision.

Speak to a pensions expert on transferring a pension between employers

If you have any further questions on the topic of how to transfer a pension fund from a previous employer give us a call today on 0808 189 0463 or make an enquiry.

We work with qualified pension transfer specialists who have extensive experience in the pensions market.

It won’t cost you a penny for an initial consultation with them and there’s no obligation to act on the advice you’re given.

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in pensions. Ask us a question and we'll get the best expert to help.

FCA Logo
1 of 2
2 of 2 Send!
Tony Stevens

Tony Stevens

Finance Expert

About the author

Tony has worked in a vastly diverse array of areas in the pensions industry for over 20 years. Tony regularly writes for trade press, usually on topical and pensions pieces as well as acting as a judge at prestigious national events.

Tony is also a highly qualified Independent Financial Adviser in his own right. His mantra has always been “Hope for the best, but plan for the worst”, and believes that the biggest impact that an adviser can have on a client’s life journey is to take them on a journey from generally having little or no real idea of what their retirement will look like, to giving them the understanding of what their retirement looks like now, then helping them navigate a path to what they want their retirement to be.

Continue Reading

Chevron Right Pension Transfers Explained

Chevron Right Mis-Sold Pension Transfers

Chevron Right Pension Transfer Values Explained

Chevron Right TUPE Transfer Pensions

Chevron Right A Guide to Nest Pension Transfers

Chevron Right A Guide to Pension Transfer Options

Chevron Right A Guide to Police Pension Transfers

Chevron Right A Guide to Protected Rights Pension Transfers

Chevron Right Brexit and Pension Transfers

Chevron Right Bulk Pension Transfers

Chevron Right Can I transfer my pension into property?

Chevron Right Can I Transfer My Pension Myself?

Chevron Right Can I Transfer my Pension to Another Person?

Chevron Right Civil Service Pension Transfers

Chevron Right Deferred Pension Transfer

Chevron Right Defined Benefit Pension Transfers

Chevron Right Final Salary Transfer

Chevron Right Getting the Best Pension Transfer Deals

Chevron Right Guaranteed Minimum Pension (GMP) Transfer

Chevron Right How Long Should a Pension Transfer Take?

Chevron Right How to transfer a British Steel pension

Chevron Right How to Transfer An ISA Into a Pension

Chevron Right New Zealand Pension Transfers

Chevron Right NHS pension transfers

Chevron Right Occupational pension transfers

Chevron Right Pension Protection Fund Transfers

Chevron Right Pension Risk Transfer

Chevron Right Pension Transfer Advice

Chevron Right Pension Transfer After Divorce

Chevron Right Pension Transfer Charges

Chevron Right Pension Transfer Ireland

Chevron Right Pension Transfer Rules

Chevron Right Pension transfers from UK to Spain

Chevron Right Pension Transfers India

Chevron Right Pensions transfers upon death

Chevron Right Private Pension Transfers

Chevron Right QROPS Pension Transfers

Chevron Right SERPs Pension Transfers

Chevron Right Should You Transfer Your Pension?

Chevron Right Stakeholder Pension Transfer

Chevron Right State Pension Transfer

Chevron Right Teacher Pension Transfer

Chevron Right Transfer Army Pension

Chevron Right Transfer Local Government Pension

Chevron Right Transfer Overseas Pension to UK

Chevron Right Transfer Pension Abroad

Chevron Right Transfer Pension From Previous Employer

Chevron Right Transferring a Pension into an ISA

Chevron Right Transferring a Pension to a New Provider

Chevron Right Transferring a Pension to Another Provider

Chevron Right Transferring a Section 32 Pension

Chevron Right Transferring a UK pension to France

Chevron Right Transferring Defined Contribution Pensions

Chevron Right Transferring Pensions Into One

Chevron Right Transferring Small Pension Pots

Chevron Right Transferring Workplace Pensions

Chevron Right UK pension transfer to Canada

Chevron Right UK Pension Transfer to Australia

Chevron Right UK Pension Transfer to USA Providers

Chevron Right Where Can You Transfer Your Pension To?

FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

Get Started