What is a pension transfer?

A pension transfer is when you move some or all of your pension savings from one pension plan to another.

We no longer live in a world where a job is for life. Many of us will work for different employers over the course of our careers, with each new job bringing its own pension savings plan. Over time, the money you save into your pension may become spread across plans with several different providers.

As you accumulate different pensions, you may decide that transferring all of your pension savings into one plan is the right thing to do. Bringing your pensions together in this way is also sometimes called 'combining your pensions' or 'pension consolidation'.

Why transfer?

Most pension plans allow you to transfer your savings to another plan, either with the same provider or with a different one. But you might be wondering if it’s better to keep your pension separate or combine them into one pension plan.

There isn't really a simple answer. It depends on your personal circumstances and the pensions you have.

There are pros and cons to transferring your pension. It's very important that you understand and think about all the advantages and disadvantages to make sure that a pension transfer is the best choice for you.

There's no guarantee that transferring or combining your pensions will give you a higher income or bigger pension pot. Your pension is invested, it's value can go down as well as up and you could get back less than you invested.


Advantages and disadvantages of transferring

Things to think about before transferring

Pension transfers can be quite involved. Your options will depend on your pension plan and financial circumstances. If you're considering a transfer, there's a few things you'll need to think about before you go any further.

Can I transfer?

Find out if your current pension will allow you to transfer.

Find out more about eligibility  about Can I transfer?

Is it right for me?

Learn about the pros and cons of transferring your pension.

Read about advantages and disadvantages  about Is it right for me?

Do I need financial advice?

You might need to speak to a financial adviser before transferring a pension.

Find out more about financial advice  about Do I need financial advice?

Transfer your pension to Royal London

If you've got a pension with another provider, you might be able to transfer some or all of it to Royal London.

If you're interested in transferring your pension, what you need to do next depends on what type of plan you have with us and those you want to transfer.

You should make sure that you're familiar with the advantages and disadvantages of pension transfers before you go any further. 

Financial advice and pension transfers

You may have to get financial advice before you can transfer your pension, depending on the type of plan and pension benefits you have.

An independent financial adviser can give you personalised advice and recommendations to match your individual needs and circumstances.

If you don’t already have a financial adviser, you can use a number of directories to search for one in your area and according to their specialisms. Advisers may charge for their services – though they should agree any fees with you upfront.