Can I change my workplace pension provider

We’ve got everything you need to know about changing pension provider.

Published: 15 Dec 2025

Key points

Start by reviewing your current pension – how it’s performing and whether your employees are getting the best value for money.
Compare providers in the market and think about speaking to a qualified adviser to get help making your decision.
Communication is key – if you decide to change your provider keep your employees up to date with the transfer process.
Get governance information from The Pensions Regulator or the Financial Conduct Authority depending upon the type of pension scheme involved.

There are a few reasons why you might want to change your workplace pension provider. A different provider might offer lower fees that can save you money, or they might have more investment options for your members. Some have better digital tools than others, like apps that can help members manage their pension online. These are just a few considerations when choosing a workplace pension.

You might also be looking at changing the type of pension you have and switching to a master trust.

What’s the process for changing pension provider?

There are four main steps when switching from one pension provider to another:

Review your current scheme performance and fees Step 1 of 4

Look at how well the investments are doing, the range of fund and benefit options and any fees paid by you and your employees.

Compare providers in the market Step 2 of 4

A good place to start is to think about what you want to change in your current pension and go from there.

Speak to a pension adviser Step 3 of 4

We always recommend speaking to a qualified adviser. They’ll help you weigh up your options.

Plan your timeline and strategy Step 4 of 4

You’ll need to plan the transition carefully and keep your members up to date throughout the process.

Are there legal and regulatory rules I should follow?

Like any workplace pension, the new scheme you’re moving to has to meet auto-enrolment requirements. You’ll also need to check if your current scheme is written into your employees’ contracts. If you have more than 50 employees, you might need to consult your staff for 60 days before changing pension provider. You will also have to ensure that the process of changing pension provider complies with the rules of the transferring scheme.

How will existing pension pots be transferred?

First, you’ll need to find out whether all existing pots will be transferred automatically. Your existing or new pension provider should be able to tell you this. If they’re not, employees will usually have the option to either consolidate their existing pot into the new scheme or leave it with the old provider.

Sometimes, existing pots won’t be invested in any funds as they transfer from one provider to another. This is usually only for a short time, but you’ll need to think about the potential impact the move will have on your employees’ investment performance.

What do I need to communicate to my employees?

You need to tell your employees about the provider change and any impact it will have on them. You should do this as soon as you’ve decided on a new scheme. Make sure they know if there’s anything they need to do on their end – such as selecting new funds or setting up an online account. It’s likely that some of your employees might be unsure about the change. As their employer, reassuring them that their contributions and benefits will continue might help with this.

Is there anything else I should consider?

All workplace pensions need to be properly governed and monitored. You’ll find more information about pension governance on The Pensions Regulator’s website, or from the Financial Conduct Authority depending upon the type of pension scheme involved. Like with any big decision about your pension scheme, we recommend getting advice from a qualified financial adviser.