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Pension Transfer & Consolidation

Manage your pensions in one place

There are pros and cons to combining pensions, so it’s important to read this page before you get started. Here's why it could suit you: 

  • It’s easier to keep track if you combine several pensions

  • You’ll have a clearer view of how your retirement is shaping up

  • You might benefit from lower charges

Why consolidate your pensions

Consolidating your pensions simply means combining them. If you’ve had jobs at different companies over the years, you could have pensions from them all, scattered across different providers. Consolidating them is like tipping each pot into one bigger pot, so you can see exactly how the money you’ve put away is shaping up.


And remember, the value of a pension can go down as well as up – and you could get less than the amount that's been put in.

Already have a pension with us?


Easier to manage

Bringing them into a self-invested personal pension (SIPP) with us means you can use your secure account, to manage your pension and stay up-to-date on how your investments are performing

It’s your future, invest your way

You have control over how you invest in your SIPP with us, thanks to a range of investment options. Whether you’re new to investing, or have more experience, there’s an option for you

Lower charges

Older pensions sometimes have higher charges, so you may pay lower costs when you transfer to our SIPP, depending on how you invest your pension

Before you apply to transfer

Benefits of consolidating pensions with us


One set of charges

Make it easier to track how much you're paying to manage your pension. Older pensions can sometimes have higher charges too, so you may benefit from lower charges when you move them into a new SIPP.

A lower Charge

Our Charge is what we charge each year to hold investments in our SIPP. The more money you invest with us, the lower the percentage Charge you may pay. Bringing your pensions together can help you hold on to more of your hard-earned money over the longer term.

Simpler to manage

Top up your pension pot, keep track of your pension performance and view one set of documents all in one place online.

Range of investment choices

Moving to a SIPP may open the door to a greater range of investment options. We offer ready-made funds, an experts’ shortlist or you can build your own investment portfolio from the full range of funds, including responsible investment choices. You can also choose from shares and other exchange traded investments.

Planning for the future

Seeing your investments together helps keep you on track to meet your goals, and lets you manage your retirement options.

If you're unsure about any of these points, we recommend you seek financial advice before you apply to transfer.

Things to think about:

Exit costs

We won’t charge you if you transfer your pension to us. However, your existing pension provider might have an exit charge. Be sure to check with them first.

Investment fees

Before transferring your pension, compare your current fees and charges with our pension costs. We keep our costs as low as possible. However, before you make the move, you should understand the different fees and charges, and check that everything makes financial sense for you.

Pension benefits and guarantees

If your existing pension has benefits or guarantees you're relying on, you may lose these if you transfer. These might include pensions with a guaranteed income, or benefits like getting more than 25% of your cash tax-free. Other benefits could include loyalty bonuses, enhanced life insurance or death benefits, or early access to your money or pension.

Putting your investments on hold

If you transfer funds they stay invested, so will be subject to any market gains or falls. You won't be able to trade them while the transfer is going through. If you choose to transfer the cash value, it won't be subject to market volatility, but you'll also need to factor in the time it takes for your cash to be re-invested in funds.

Letting your provider do the planning

Your current pension may have an approach that reduces the risk level of your investments as you get closer to retirement. With a SIPP, your investments are up to you. You'd either have to manage a similar approach yourself, or go with a lower level of risk when you transfer.

It’s not certain you’ll be better off

There are never any guarantees about how investments will perform over time. Which means that combining two or more pensions does not promise you’ll have more money in your retirement than you would if you kept them separate.

Pensions you won’t be able to move:

  • Defined contribution pensions with a guaranteed annuity rate, safeguarded benefits or guarantees

  • Defined benefit pensions

  • Pensions you’ve already taken money from

  • You'll need to talk to your employer before transferring, as a transfer may mean they stop paying into it.

Investments and charges for our SIPP

How to choose investments


There are four ways to decide how you invest in your SIPP.

  1. The most straightforward approach is to pick one of our ready-made funds.

  2. If you’re a more experienced investor, you might prefer browsing a narrowed-down fund shortlist from our experts.

  3. The most confident investors can build their portfolio using our full range of funds.

  4. Finally, experienced investors can buy and sell shares and other exchange traded investments.

What are the investment charges?


We won’t charge you for opening a SIPP and there’s no charge to transfer your investments to us. However, your existing provider may charge you for leaving them, so you’ll need to make sure it all adds up before making the move. Once you have a SIPP with us, these are the charges you can expect to pay:



You'll pay a Charge of up to 0.40% for the value of your funds or cash, depending on how much you invest.

There's also a Fund Manager Charge that will depend on the funds that you've chosen. This charge is included in the price of the fund.

We won't charge you for buying or selling funds.

Shares and other exchange traded investments


You'll pay a Share Charge, which is 0.40% of their value, capped at £120 a year. 

There'll be a Fund Manager Charge for exchange traded funds and investment trusts that will be included in the price of the investment. 

When you buy shares and other exchange traded investments, there'll be a Trading Charge for every trade you make.

Confused about how to plan for your retirement? You’re not alone – everyone approaching retirement has more pension options to choose from than ever before. If you have total pension savings of £75,000 or more, our financial advisers can build a personalised retirement plan for you.


We also offer advice if you have defined benefit pensions, sometimes called final salary pensions.

Pension advice

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Other ways to use your money

If you’re not sure if income drawdown is right for you, take a look at other options for taking money from your pension once you’re retired. You can see more and compare your options here.

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Pension Annuity

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Leave your money where it is for now

More help with your pensions

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If you have a pension, or several pensions, you can bring everything together in one place. Even if the amounts are small, it all adds up.

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