Why consider combining your pensions? 

Fewer charges – multiple pensions could mean you’re paying multiple charges.  By combining into one plan means one set of charges – making it easier to see what charges you're paying and potentially save money.

Control – one pension rather than multiple pensions means one annual statement and a clear view of your retirement savings.

It’s free – we won’t charge you any transfer or set up fees for transferring your old pensions to us. Please note that your previous pension provider may charge an exit fee when you transfer.


Is it right for you?

Before you make any decision to transfer, you should check if combining your pensions will mean you lose any valuable features, protections or guarantees you may have in your other pension plans.

Check the charges in your plans to see if you’ll be paying more or less in charges as a result.

The value of your pension pot after transfer can still fall as well as rise, and isn’t guaranteed.  The final value of your pot when you come to take benefits could be less than has been paid in. 

Any new investment funds you move your pension pots into will have their own set of risks that will be detailed in the fund information available to you.

In most circumstances, you can currently access your pension benefits from age 55. However, the Government is proposing to increase the minimum pension age at which you can generally access your pension benefits to age 57 from 6 April 2028. The Government have further outlined their proposals in a consultation document which can be found on the Government website.

The proposal says that from 11 February 2021 if the scheme you're in gives you an 'unqualified right' (so without needing special permission) to take your pension benefits from age 55, then this will be your protected pension age and you'll still be able to take your benefits from age 55 under that scheme. However, if you transfer your pension to another scheme after that date, the proposals indicate you'll generally lose the protected pension age and have to wait until age 57, unless the transfer is part of a 'block transfer', for example, broadly where two or more members of a pension scheme transfer into the same receiving scheme at the same time.  

Before transferring to another scheme, you should consider if you have a protected pension age of 55 in your current scheme and if transferring is the right thing to do for your circumstances. If you have this protected pension age and transfer, then based on current proposals you may lose your right to take those transferred benefits from age 55 - unless the transfer is part of a 'block transfer'. If you're not sure if combining your pension pots is right for you, please speak to a financial adviser - there may be a charge for this. 

As this is a consultation, it is not certain that the Government will go ahead with their proposals as outlined.

Combine your pensions in a few steps

Step 1: Get in touch

Select Combine my pensions and tell us a few details about your old pension. Our Aegon Assist team can guide you through the process.

Step 2: We take over

We’ll contact your old pension provider and start the transfer process. Your old provider might contact you to confirm some details.

Step 3: Take control

Your existing pension is credited with the value of your old pension.


Need help?

Our Aegon Assist team provide a free guidance based service to help you understand your options better. They can explain the benefits and risks and help guide you through your options. They won’t be able to give you financial advice but they can give you information to help you make your own decisions.

Email: aegonassist@aegon.co.uk
Phone: +44 (0)3456 030 509

Our phone lines are open 9am-5pm, Monday to Friday. Call charges will vary.

If contacting us by email, please don't include any personal, financial, or banking information as email isn't a secure method of communication. If you decide to send information in this way, you're doing so at your own risk as there's no guarantee that any email sent by you to us will be received or remain private during transmission. Where secure online journeys are available, please login to complete these.

Useful links

Lost track of your old pensions?

Contact the Pension Tracing service. This is a free service which searches a database of more than 200,000 pension schemes to try and find the contact details you need.

Need advice?

If you're not sure if combining your pension pots is right for you, please speak to a financial adviser – there may be a charge for this.

You can find one in your local area at Money Helper.