Consolidating your pension

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.

Here we look at the pros and cons of bringing your pensions into one place. All of the information on this page relates to personal pensions i.e. pensions that you arrange yourself and build up over time through contributions and investment returns. 

What is pension consolidation?

Pension consolidation is the 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. You will have less paperwork and could save money too.

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 service fees from 0.2% a year for Ready-made Portfolios and US shares 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)

Our SIPP has a minimum service fee of £10 per month (£120 per year), excluding Junior SIPPs.

What should I consider before transferring my pension?

• 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).
• Have I checked the investment options available and whether I need the wider choice offered by a SIPP?
• If the pension is an employer-related plan, have I checked if the employer will cease to pay in benefits if it is transferred elsewhere?

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)