Why might 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

The value of an investment can fall as well as rise and isn’t guaranteed. You could get back less than you originally 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.