When switching to a new pension provider, you could consider consolidating your accumulated contributions from your old provider into your new pension provider pot. Transferring pension pots is a request that can be initiated by you, as an employee, at any time by contacting the pension provider directly. This can help you by:
- simplifying your pensions as all contributions would be in one place
- reducing the total fees applied on contributions
- achieving higher income from the pension as there is a larger, consolidated investment pot
Questions to ask your current pension provider:
- Can I transfer? There can be restrictions on which provider you can transfer to.
- What is the ‘transfer value’ of my pension? If it’s the same as your pot value, it’s unlikely you’ll be charged a fee when you transfer.
- What fees will I have to pay for transferring, if any?
Questions to ask your new pension provider:
- Do I apply to transfer through you or my current provider?
- Are there any fees for transferring in, e.g. set-up fees?
Once the transfer request is initiated, you should see your total contribution savings consolidated into your new and current pension provider pot.
Pension provider transfer links
Pension providers do offer transfer services to their clients. See below:
- Transfer into NEST
- Transfer into The People's Pension
- Transfer into SMART Pensions
- Transfer into Aviva
- Transfer into Scottish Widows
- Transfer into AEGON
- Transfer into Royal London
Disclaimer:
Husky is not a registered financial advisor and this article is for your general information. You may consider taking financial advise before deciding to transfer your pension pot.
