Transferring and consolidating old pensions
Most people change jobs several times and pay into several pensions over the years. This can make it difficult to keep track of your retirement savings and see how your investments are performing. Consolidating pensions gives you more control over your money and makes it easy to check that you’re on track. You will have less paperwork and could save money too.
Why should I consolidate pensions in the Best SIPP?
- Pay 0.3% service fees a year (less for larger pensions) or nothing if you buy a Ready-made Portfolio
- You can have your investments managed by our experts, invest with an adviser or do everything yourself
- Our team of specialists will contact your existing providers to arrange the transfers
- It takes as few as 15 working days to consolidate your pensions (for electronic transfers).
How much does it cost to transfer a pension?
There are no fees to transfer pensions from other providers into the Best SIPP. But you will usually be charged by your current pension provider when you transfer out. We will pay you up to £500 to cover these fees*.
We will pay you up to £500 to cover any transfer fees your current pension provider charges.
Finding a lost pension
It can be all too easy to lose track of a pension from an old employer when you change jobs. If you need to be reunited with a pension, you can contact the Government’s free Pension Tracing Service by visiting their website or calling 0845 6002 537.
*Exit fees may apply if you close your Best SIPP.
SIPPs are not suitable for everyone. If you don’t want to invest across different asset classes or don’t think you will make use of the investment choices that SIPPs give you then a SIPP might not be right for you. Please contact us for guidance or advice if you are unsure whether a SIPP is right for you.
Before you consider transferring a pension, it is important to ask yourself: Will I lose any valuable benefits or features from my existing pension plan? Will I incur any penalties on my existing pension if I transfer? Is it an occupational final salary pension scheme? (in which case it is very unlikely to be advisable to transfer) Have I considered the charges on my current plan? (a new arrangement may be more expensive – especially if you have a stakeholder pension).