How to combine your pensions

Throughout your working life, there’s a good chance you’ll have built up several pensions. It’s surprisingly common, and surprisingly easy to lose track of them.

Combining pensions (sometimes referred to as pension consolidation) simply means taking your different pensions and merging them into one plan. All your money will be in the same place, which could make retirement planning much simpler.

More often than not, there’s no perfect solution when it comes to combining pensions. Sure, you may save in charges – but that doesn’t necessarily mean you’ll have access to the right investments for your needs and goals. On the flipside, a plan with better suited investment options might come with higher charges.

It's all about balance. The key is understanding the trade-offs and figuring out what’s most important for you – that’s where expert financial advice can prove invaluable.

If, after weighing up all the pros and cons, you decide that combining pensions is right for you, the process to do so is relatively straightforward. Although, we strongly recommend you get financial advice before making any decisions.

1. Take note of your pensions
Jot down key details such as the provider, value, policy number and what sort of plan it is. If you need help, get in touch with the provider. It’s also worth using the government’s free tracing tool to check if there are any pensions you’ve lost or forgotten about.

2. Choose your new plan
Do your research and select the pension plan and provider you’d like to combine you pensions with, which best suits your needs. Remember, combining pensions is a big decision, so expert advice is recommended. It could help you avoid any pitfalls, especially during this step.

3. Make the transfer
Let your chosen provider know that you’d like to combine your pensions with them. They’ll ask for details of the pensions you’d like to transfer. Then it’s over to them, you can sit back while they take care of everything.

You’re all set! Your provider will let you know once the process is complete. After which, it’s important to stay engaged with your pension and review its progress from time to time. Doing so could keep you on track for your ideal retirement.

There’s a lot to wrap your head around when it comes to pensions. Whether or not to combine them is just the tip of the iceberg. You may have a burning question around how yours is invested, how you can take an income, or retirement planning in general. Our experts are passionate about helping you make the most of your money.

Our online service gives you the freedom to manage your pension whenever it suits you. Registration takes just a few minutes and helps you go paperless. That means you can securely update your personal details, view key documents like your annual statement, and get in touch with us – all while doing your bit for the environment.