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Discover the benefits of bringing your old pensions together into one pot.
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.
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.
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.
The Retirement Account from our partners Scottish Widows is a 5-star Defaqto rated product*. (Source: Defaqto Annual Product Ratings – April 2023).
Transfer, combine, consolidate - they all mean the same thing when it comes to bringing your existing pensions together into one pot.
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.