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Pension consolidation

Consolidating old pensions can help you make the most of your retirement savings

With investment, your capital is at risk.

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. Pension consolidation 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.

What is pension consolidation?

Pension consolidation is the straightforward process of combining pensions into one pension plan. You manage one pension pot with one provider and review one balance. Consolidating pensions makes it easier to manage your retirement investments because you can see exactly how much you’ve got, where your money is invested and how well your investments are performing. 

Why should I consolidate my pensions in the Best SIPP?

We make no bones about how proud we are of our award-winning Best SIPP. Here are some more reasons why combining pensions in our Best SIPP can benefit you:

  • Pay as little as 0.2% a year for Ready-made Portfolios or 0.4%** for other investments
  • You can choose your own investments, opt for a Ready-made Portfolio or get free coaching or more advice if you want it
  • Our team of specialists will contact your existing providers to arrange the transfers
  • It can take as little as 15 working days to consolidate your pensions (for electronic transfers)
  • We pay up to £500 towards transfer fees charged by your current provider (see our terms and conditions)

Please see the points to bear in mind below:

How much does it cost to move my pensions to Bestinvest?

There are no fees to move pensions from other providers into the Best SIPP. But you may be charged by your current pension provider when you leave. We will pay up to £500 to cover exit fees your current pension provider charges (see our terms and conditions).

Speak to our pension consolidation experts

Our friendly team can answer any questions you have about pension consolidation. You can start combining your pensions today by getting in touch.

Frequently asked questions

You can use the Pension Tracing Service where the Government helps you find your lost pensions – for free. Or you can give us a call and we’ll help you.

Not necessarily. Some pensions are better left where they are because you may lose valuable benefits. For example it’s not usually a good idea to transfer a final salary pension. Other pensions are often really simple to move from one provider to another. If you need help deciding whether you can combine your pensions you can book a free telephone pension review or call us on 020 7189 2400.

It’s actually quite simple. You can scoop up your old plans and move them into a pension you already have or you can open a brand new pension, for example a SIPP, and merge your old pensions together in this. Remember to check carefully before you merge pensions because some pensions come with benefits that you could lose if you move them.

Consolidating pensions with Bestinvest can take as little as 15 working days, if they’re done electronically. Paper-based providers can take longer. It’s quick and easy to move your pension investments to us. And it’s just as easy to open an account with our Best SIPP. We can consolidate an assortment of pension types including stakeholder pensions, personal pensions and existing SIPPs.


**minimum £120 per year

Points to bear in mind

SIPPs are not suitable for everyone. They may not be right for you if you don’t want to invest across different asset classes or don’t think you will make use of the investment choices available to you. Please contact us for guidance or advice if you are unsure.

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).

The Best SIPP

The Best SIPP

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Speak to an expert

Our friendly team can help you with any concerns you have about your pension

Call usCall us on 020 7189 9999