Can I transfer my existing pension plans to my new workplace pension plan?

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There are lots of reasons people transfer their existing pension plans:

  • lower charges
  • increased investment options
  • easier to review and control their pension benefits
  • more benefit flexibility on death
  • increased tax-free cash when they retire
  • more options at retirement

You should review all your pension savings at the time you join. Transferring other pension benefits may not always be the best course of action for you. It’s important that you understand everything that’s involved as there can be risks when transferring. You may also lose any guarantees under your existing arrangement.

The value of an investment can fall as well as rise and is not guaranteed for a number of reasons, for example market and currency movements. You may get back less than originally invested.

We recommend you get professional financial advice before going ahead with any transfer.