There isn’t one ‘best’ pension provider to transfer into. If you're thinking about transferring your pension, the right provider for you will depend on what you're looking for.
For example, you might want:
- Lower charges
- Different investment options
- More flexibility when taking your pension savings
- An easier way to manage your pension savings
- To bring multiple pension pots together.
The best provider to transfer into is the one that suits your needs and goals for the future.
How to compare different pension providers
When comparing providers, focus on the things that matter to you. These differ for everyone and include:
Fees and charges
Pension costs vary from provider to provider, with some charging more than others or having different fees. When comparing providers look at charges like:
- Annual management charges
- Fund charges
- Costs associated with transferring, like exit or set-up fees
- Platform or administration fees.
Check your annual pension statement, provider website or app for details of these charges.
Investment options
Depending on how you want to invest your pension, you’ll have different options with different providers. You may be an experienced investor who wants to choose your own funds or someone who’d like to prioritise investing sustainably.
Check what’s important to you, like:
- Ready-made investment options
- Sustainable or responsible investment choices
- The freedom to choose your own investments.
Retirement options
You usually have a few options for taking your money at retirement, depending on what kind of pension you have. How you wish to take your pension savings can be a key factor in deciding which provider is best for you especially as you get closer to retirement.
You should check:
- If flexible income (drawdown) is available
- If you can take cash lump sums
- If you can buy an annuity with some or all of your pension
- If there are any charges for accessing your savings
- The options available to your beneficiaries.
Ease of managing your pension online
Being able to view and manage your pension online can make it easier to keep track of your retirement savings.
Check for things like:
- If they have an online account or mobile app
- How easy it is to keep an eye on investment performance
- If you can make changes online - for example to your address or to who you’d like to receive any death benefits.
Support and guidance available to you
Support and guidance can be valuable at different life stages, like if you’ve just started saving into a pension or planning how you'll take your money at retirement. Look for:
- What customer support is available
- Any tools and guidance to help you make informed decisions
- Educational content that helps explain your options.
Trust and reputation
When transferring a pension, you'll want confidence that your money is with a provider you trust. Researching providers can help you feel more comfortable about where your pension savings will be held. You should check:
- That they’re authorised and regulated by the Financial Conduct Authority (FCA) (opens in a new window)
- How long they’ve been operating
- What support they offer their customers
- Their reputation in the pensions market.
Why there’s no best pension provider
Here's an example of why there isn't one 'best' pension provider. The right choice depends on what matters most to you, whether that's lower charges, a wider range of investment options, or specific features.
Example
Alex is considering a pension transfer and compares providers A and B.
Current provider
|
He wants to prioritise lower charges and access to responsible investment options.
|
Provider A
|
Provider B
|
Alex decides to transfer to Provider B.
While Provider A has lower charges, they don't offer the responsible investment options he's looking for. Provider B lets him reduce his charges and invest in a way that better matches his preferences.
Should you transfer your pension?
Whether transferring your pension is right for you will depend on your circumstances and what you're hoping to achieve. Some pensions can't be transferred, and moving your pension could mean giving up valuable benefits or guarantees.
Before making a decision, it's important to understand what you currently have and compare your options carefully. Read our should I transfer my pensions guide for more information on the key things to consider.
Key takeaways
- There’s no single “best” pension provider for everyone.
- The right choice depends on your personal circumstances, retirement plans and goals.
- Compare more than just charges. Look at investment options, retirement flexibility, online tools and support available.
- Make sure any provider you're considering supports the way you want to manage and access your pension savings.
- Consider getting financial advice if you’re unsure.
Frequently asked questions
How do I choose a pension provider?
Compare providers on what’s most important to you. This could be value for money, investment options, retirement flexibility or ongoing guidance and support.
Can I transfer my pension to any provider?
In most cases you can choose where to transfer, but some pensions have restrictions or valuable benefits you may lose.
What fees should I look out for?
Check annual charges, fund charges and any exit or transfer fees. Our how much does a pension transfer cost explores this in more detail.
Is it safe to transfer my pension?
A pension transfer is usually safe if you understand the risks and check your options carefully. However, transferring may mean giving up valuable benefits or guarantees, so it's important to understand what applies to your pension before making a decision.
More on pensions
