Should I move my pensions into one?

Moving your pensions into one is sometimes called pension consolidation, and it can bring benefits like easier management and lower fees. When you’re deciding whether to move your pensions into one, you should look at your existing pension paperwork to check for exit fees and guaranteed benefits.

If you’ve had several jobs, it’s likely you have more than one workplace pension. Having multiple pensions can make it difficult to get an overall picture of your retirement saving, to keep track of how your funds are performing and to see the fees you’re paying, so you may decide to move your pensions into one pension plan.

If you sign up to PensionBee we’ll combine your pensions into a new online plan that you can manage online. If you don’t know where your old pensions are, we can look for your pensions for you.

The benefits of moving your pensions into one plan

Combining your pensions into a single plan can bring certain benefits, including:

  • Your retirement savings are in one place, so you can keep an eye on them more easily and estimate the income you can expect to receive from your pension.
  • If you combine your pensions into a new, online plan, you can manage your retirement saving from an online account rather than dealing with lots of paperwork.
  • You may be able to move your pensions into a plan that fits better with your investment outlook and that you hope will bring better returns.
  • You may be able to save money on fees by moving your pensions to a new plan. Some pension providers charge a whole host of fees, and the impact they’re having on your pension pot can be particularly hard to monitor when you have several pensions.

Things to check before you move your pensions

There are some things to bear in mind when you’re thinking about moving your pensions into one. Firstly, some pension schemes (especially those started before 2001) charge an exit fee if you move your money, which will usually be a percentage of your pension pot. If you use PensionBee to combine your pensions, we’ll let you know if we find that any of your old pensions have exit fees of over £10.

The other important thing to check is whether your pensions have any guarantees that you’d lose if you moved them, such as guaranteed annuity rates or final salary promises, as is often the case with defined benefit pensions. If you’re moving your pensions to PensionBee, we’ll let you know if any of your old pensions have guarantees, and we’ll send you the relevant paperwork if they do. Bear in mind that if you have a defined benefit pension worth more than £30,000, you have to take financial advice before you move it.

It’s also important to check you’re happy with the pension plan that you’re moving your pensions into. Look at the factsheets and the performance graphs, check for reviews of the provider, and make sure that the pension provider is authorised and regulated by the Financial Conduct Authority (FCA).

The process of moving your pensions into one plan

Once you’re clear about the transfer values of your pensions and any exit fees that you’ll need to pay, you need to tell your existing pension providers that you want to move your pensions, and give them the details of your new plan. If you sign up to PensionBee, your account manager (we call them BeeKeepers) will manage the process for you, and keep you updated along the way.

About PensionBee

PensionBee combines your old pensions into a new plan that you can manage easily online. You can see your current balance and contribute to your pension in a few clicks, and you’ll only pay a single annual fee. Find out more about PensionBee.

Last edited: 17-11-2017

Your pension in one place

PensionBee combines all your pensions into a single, good value online plan.

Get started

Capital at risk

PensionBee product shot PensionBee product shot

Have a question? Call our UK team 020 3457 8444

Have a question?

Call our UK team

020 3457 8444

Monday-Wednesday 9:30am-6pm, Thursday-Friday 9:30am-5pm

Monday-Wednesday 9:30am-6pm
Thursday-Friday 9:30am-5pm