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Can I transfer my pensions?

Many individuals are likely to have accumulated a range of pension schemes over their working life and may wish to amalgamate these together for ease of administration, potential lower charges or the potential for higher returns. 

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You may have muultiple defined contribution pensions that you have accumulated over the years, and are keen to amalgamate these into your current workplace pension, a personal pension, stakeholder pension, or self-invested personal pension (SIPP).

However, whether a transfer is suitable or not will very much depend on your individual circumstances and objectives and we would always recommend seeking financial advice or guidance before making this decision. 

Some of the most important considerations to factor in before transferring pensions include charges, investment performance and whether you will loose any safeguarded benefits - it’s possible that your current pension could have valuable benefits that you’d lose if you were to transfer out of it, such as additional death benefits, a higher tax-free lump sum, a pension for your partner after you die, or a Guaranteed Annuity Rate (GAR) option. It is crucial that you factor this in to your decision as these benefits will likely be lost on transfer.