Why might I transfer my existing pension plans to my new workplace pension plan?

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There are a number of reasons why people choose to transfer their existing pension plans, including:

  • Financial reasons – each pension may have different annual management charges. Consolidating your pension plans may reduce the money spent on multiple charges.
  • Convenience – Managing one pension is usually easier than looking after several. Instead of getting statements from different providers at different times, you’ll only receive one statement that shows all of your pension savings.
  • Performance tracking – By pulling all of your pension pots together, you can quickly and easily see how much you’ve got, if you’re invested in the right funds and how your pension is performing. This single view could make it easier to see if you’re on track to meet your retirement goals and to make changes if you need to.
  • Good housekeeping – having your pension in one place could mean you don’t lose track of your savings.

Investment returns aren't guaranteed - the value of investments may go down as well as up. You may get back less than you invested.

You should be comfortable with the investment choices that you make as you may lose features, protections, guarantees or other benefits when you transfer. If you’re not sure, you should get financial advice - there may be a charge for this.