Updated: November 18, 2019

Transferring Pensions Into One

Want to bring all of your pensions under one scheme? Read our guide to find out how to do this.

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Tony Stevens

Author: Tony Stevens - Finance Expert

Updated: November 18, 2019

Many people work for a number of different employers throughout their lifetime. That can result in employees having a number of pensions with different providers.

This naturally raises the question – ‘Can I transfer my pensions into one scheme?’ In most cases, the answer is yes. However, it may not always be the right decision and, if it’s something you’re considering, advice from a pensions expert will help ensure you make the best decision for your circumstances.

Can I transfer all of my pensions into one scheme?

Yes, in most cases it’s possible to transfer all of your pensions into one scheme. However, in some cases, the transfer options may be limited. This is the case for policeteacher and NHS pensions, due to the rules associated with them as unfunded public sector pension.

Most other pensions, even defined benefit schemes, can be transferred into a different type of pension plan run by a new provider and added to a larger pot made up of various pensions from other employers.

However, while you can transfer all of your pensions into one, you should always take the time to read the terms, conditions, benefits and charges associated with your pensions. In some cases, where you have a number of smaller pension pots with various providers, it can make sense to seek advice from a pensions transfer expert.

Experienced pensions advisors, like those we work with, can review your situation and advise you of the best course of action to take. If you give us a call on 0808 189 0463 or get in touch we will arrange for someone to speak with you directly.

Should I transfer all of my pensions into one place?

We’ve established that in most cases, you can transfer all your pensions into one place, but another common question we hear is ‘should I do so’?

As with most financial decisions, the answer is rarely straightforward. There are benefits and potential risks when you choose different options, so you need to assess them to make the right decision.

If you’re trying to decide whether or not you should transfer all of your pensions into one place, it can help to break down those potential pros and cons.

Potential benefits of transferring your pensions into one include:

  • Lower management costs as you may be able to find a provider who charges less than your current pension company
  • Easier to manage a single pension
  • Depending on the pension you choose, you could have more investment options for your larger, single pension pot
  • If one or more of your pensions is an old scheme, it may not support all the new pension freedoms

Potential risks of transferring all of your pensions into one include:

  • You could lose some valuable benefits, this is particularly relevant with defined benefit schemes
  • Costs, charges and penalties associated with one or more of your current pensions could make the transfer very expensive
  • The process can be long and complicated

Looking at these and other details in your existing pensions should help you decide if it is better to transfer your pensions into one.

However, if after doing that you’re still unsure, you should speak with one of the experienced pension transfer advisors we work with.

They will be able to answer all your questions, help you more easily find out about your existing pension schemes and find the best pension to transfer your different accounts into.

If you make an enquiry we will arrange for a specialist to contact you directly.

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How do I transfer all of my pensions into one?

The process can be quite complex. Although, once you have all the required information and have chosen a new pension plan, it’s usually straightforward from there.

To transfer all your pensions into one, you’ll need to find out where all your existing pensions are and discover all the benefits, fees and other details about each of them. One you have that information, you should consider what type of pension you’d like to transfer them all into.

You could select a SIPP, a personal pension or a SSAS. Each comes with their own pros and cons, but you should also ensure your preferred pension option accepts multiple transfers – not all of them do.

If you have £30,000 or more in any of your existing pensions, you must seek professional advice on transferring. Even if you have less than that in any single pension account, professional advice from one of the experienced pension transfer advisors we work with could save you a lot of time and money.

You’ll also need to ascertain the transfer value of your existing pensions and all the costs associated with the move. The process could be further complicated where funds need to be sold before a pension can be closed and then transferred.

Some pension types may require more action or further steps, this is something you’ll find out when you speak with your existing providers.

However, where you have all the information you need or your accounts are available and managed online, the process involved could prove to be far more simple.

Speak to a pension transfer expert today

If you’re interested in transferring all of your pensions into one scheme, but would prefer a simpler process where an expert is on hand to help you through the process and answer all your questions, call Online Money Advisor today on 0808 189 0463 or make an enquiry.

Then, just sit back and relax while we do all the hard work of finding the advisor with the right experience for your specific needs.

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.

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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.

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*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.

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