How to transfer and consolidate your pension

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If you’ve had a few jobs over time, you may have built up a few pensions too.

It can be hard to keep track, so transferring them into one policy could potentially make things a lot easier.

There are other reasons why transferring might be a good idea too.

Pensions have charges for investing your money and these could be lower in a new pension – giving your money more potential for growth.

Newer pensions usually offer more flexible options than older ones, helping you prepare a better-planned retirement.

Sounds good, but before you commit to moving a pension, there are some details you’ll need to hand and some important points to consider.

You’ll need to know:

    • What type of pension you have and the policy number?

    • What’s its current value?

    • Does it include any valuable or safeguarded benefits?  For example, is it a defined benefits scheme, also known as final salary, or does it have guaranteed annuity rates or a guaranteed minimum pension?

If you’re not sure about any of these, your provider will be able to help.

Some pensions require you to get regulated advice before transferring more than £30,000.

Some pensions have valuable benefits you could lose if you transfer, or safeguarded benefits that mean you can’t transfer them.

If you’re not sure, speak to your provider and they’ll be able to tell you.

With some pensions, your provider may charge a fee for transferring away, and they may not be able to take your money back if you change your mind.

During the transfer process your money may not be invested, which means you won't benefit from any investment growth during that period.

Transferring isn’t right for everyone, so consider all your options first. Make sure you have compared all your policy’s features, such as charges and fund ranges.

[IMPORTANT INFORMATION CAPTION: Remember, investments can go down as well as up, so you could get back less than you invest.  There’s no guarantee you’ll be better of by transferring.]

We always recommend you speak to a financial adviser if you’re at all unsure about what to do.

[IMPORTANT INFORMATION CAPTION: Please note an adviser may charge you for their services.]

[END FRAME: Aviva Life & Pensions UK Limited. Registered in England No 3253947. Aviva, Wellington Row, York, YO90 1WR. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm reference number 185896.]