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Combining your pensions
Discover the benefits of bringing your old pensions together into one pot.
How many jobs have you had?
Most people change jobs several times in their life. It’s likely you have one or more pensions you no longer pay into and keeping track of them can be tricky.
It’s estimated there are 2.8m lost pension pots in the UK*. Combining your old pensions could help you get a clearer picture of your retirement savings.
When shouldn’t I transfer my pension?
Though there are benefits to transferring your pensions, combining them may not always be the best move. There are some things you might want to consider.
- You have benefits you don't want to lose – Some plans may have additional benefits that you would lose by transferring to a different provider. It’s worth checking what these might be.
- You or your employer are contributing to your pension – If you transfer an existing workplace pension scheme, your employer will no longer pay into your pension pot.
- If the charges and funds aren't right for you – It’s always a good idea to check what’s involved before moving your pension to a new account, as charges and investment options may differ.
There can be other reasons why switching providers might not be right for you. We’ll go through this in detail when you find out more about a pension transfer. If you’re unsure then we’d recommend that you speak to a financial adviser, who will normally charge you for advice.
Why combine my pensions into a Retirement Account?
The Retirement Account from our partners Scottish Widows is a 5-star Defaqto rated product*. (Source: Defaqto Annual Product Ratings – April 2023).
Free to transfer in
We don’t charge you to transfer in or set up your pension (you should check if your existing provider charges you to transfer out).
Why choose us?
Pension on the go
You can use the Mobile Banking app to keep tabs on your pension.
See at-a-glance how much your combined pension is worth – anytime, anywhere.
Here to help
- Scottish Widows has over 200 years’ experience – making them the experts when it comes to pensions.
- They've helped thousands of customers transfer from their existing pension providers.
How to get started
Frequently asked questions
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Transfer, combine, consolidate - they all mean the same thing when it comes to bringing your existing pensions together into one pot.
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No, when or how many of your old pensions you transfer is entirely up to you, as long as the total initial value is over £10,000. Remember, you can add more pensions at anytime in the future.
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If you’re unsure, you can get free guidance from Money Helper - a government backed organisation that offers clear and simple guidance online or over the phone. Or you can speak to a financial adviser who normally charge you for advice. You can visit Unbiased to find a financial adviser near you.