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Should I transfer my pension myself?

Pension Transfer

Transferring your pension

You will need the help of a pension provider in order to transfer your pensions together. The pension provider will be able to organise the transfer for you, if you have the correct details of your old pension. This includes:

  • The pension provider name
  • Your policy reference number
  • An estimated amount of your total pot

If you are unsure about how to track down these details, head here.

Once you have these pension details, you can give them to the provider that you'd like your old pensions to be transferred over to. They will be able to submit the transfer request to the other provider, and alongside some potential paperwork, your pensions should be transferred over within a few months.

Throughout your life, you may have started saving into a personal pension or collected different pension pots when working with different employers. You might now be thinking that it is time to review what you have saved and start making plans for the future by consolidating them together.


Which pension providers can transfer my pension?

Many pension providers offer a transfer service, who can organise the process for you. Some may charge a fee for the transfer process that you need to be aware of.

Penfold offers a completely free pension transfer service to their customers. We streamline the transfer process to make it as simple for you, which means the process takes only 5 minutes, it's entirely online, with no paperwork, no jargon and no hassle. We transfer any pension no matter its value or how old it is, from any provider or employer, and as many as you’d like.

If you want to transfer existing pensions to Penfold, simply create an account and open with a transfer request. It takes all of 5 minutes!


Should I transfer my pension?

There are a number of reasons why transferring your pension pots into one place might make your life easier:

  • It's simpler and easier to manage your savings and keep track of your savings goals for retirement
  • You may be able to reduce the charges you’re paying, and the impact of those charges on any savings you may no longer be adding to
  • You might be restricted on the fund choices available to you
  • You may find it simpler and more cost effective when you want to access your pension pot. Some providers charge a fee for setting up income withdrawal or other retirement options. Having your savings in one place could mean you reduce the amount of fees you may be charged


Things to think about before transferring

Before making a decision on transferring, you should look into the different plans you have and compare the different features including: the fees and charges, the fund selection and what services they offer at retirement. It's also really important to make sure you check if there are any exit fees

Some pensions might offer special benefits or guarantees. These are called defined benefit pensions. It may not be possible to transfer these plans because of the advantages they provide you with. It may be best to speak to a financial adviser if you have a pension with these features to work out the best options for your particular circumstances.

With pensions, as with all investments, your capital is at risk and the value of your pension with Penfold may go up as well as down. You may get back less than you put in.

Please have a read here of the few things that you should consider before making a decision to transfer your pension. 

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