Can I transfer my old private pensions?

I know I’ve got old private pensions from former employers with a decent fund value. Can I transfer these old pensions to my new personal pension or consolidate them all somehow?

Question asked by Tessa King
Are You Pension Happy?
Call us on 02084327334
I know how much my pension is worth
I know how much my pension costs
I have clear financial goals for my retirement

Answered by Andrew Jenkinson

It depends who your pension is with. For example, you cannot transfer from a public sector scheme.

Defined Contribution Pension Transfer

If you have defined contribution scheme you want to transfer, then you will usually be able to do this, but you’ll need to check with your scheme’s trustees what this involves and whether there are any charges to factor in.

You should also look at the investment options offered by the scheme you are moving to, and at the fees you may have to pay.

Defined Benefit Pension Transfer

If you’re considering transferring from a defined benefit to a defined contribution scheme, then remember you will be giving up a guaranteed pension income in return for benefits which depend on investment performance. You should seek financial advice before transferring to ensure this is the right decision.

You are unlikely to be able to transfer into a defined benefit scheme except in the public sector.

You can find out more in our guide to pension consolidation →.

Please contact us if you would like to speak with one of our specialist pension transfer advisers. We can obtain pension details and valuations on your behalf and make recommendations on whether pensions should be transferred or not. The discovery part of our process is free of charge and fees are only due if advice is required.

defined benefit pension transfer
 
defined contribution pension transfer
 
pension consolidation
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Start your journey today...
  Find out how a Drewberry financial adviser can help you reach your destination by making the most of your finances.
Call us on 

Frequently Asked Pensions Advice Questions

 
I’m self-employed and don’t currently have a personal pension. What’s the best way...
 
A friend told me I should think about ‘income drawdown’ now that I’m in my late 50s....
 
I have an old pension with a former employer – should I consider transferring it to my...
 
I’m just about to retire and can take my pension now so I need to try and work out what to do with...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Matthew Draper
11/07/2018

Excellent service at convenient times of the day specified by me. All product options were clearly outlined and I am very pleased.

Paul Devine
10/07/2018

First class service. Helped me through the process from start to finish. Egle and Francis were very professional and talked me though all my options. Once the policies were set up, the after care after was also first class. Highly recommend. 5 stars all day long.

Josip Marjanovich
03/07/2018

Victoria was very helpful about selection of suitable insurance. She always answered all questions in a timely manner.

We are rated 4.9/5 based on 1512 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.93 / 5 Average
652 Reviews
Verified Buyer
Overall Rating
The whole process was a pleasure. Drewberry we're easy to deal with, polite, knowledgeable and helpful
Verified Buyer
Overall Rating
Very good, clear service would recommend to friends and family
Anon
Overall Rating
Sam Carr provided an efficient and professional service.
Verified Buyer
Overall Rating
Sam Carr provided a professional but enthusiastic service and helped make the whole process very straight forward. Goodness knows I have been through enough application forms recently. My insurance product was never going to be easy to find and I had been rejected on a number of other occasions through others ironically due to well managed common health conditions. I identified Drewberry in a last and disappointing trawl on th web to find someone that actually wanted to take on a difficult case like me. Some brokers wouldn't even consider me. When we applied for my first choice product Sam wasn't at all deterred by the long wait for my GP report or the final rejection that came back from the insurer, sadly I have become used to it. Within a day he had lined up the second choice and to my surprise he had hit the nail on the head and introduced me to the correct insurer and terms for my needs whilst nogotiating an excellent premium. I am extremely satisfied with what Sam has achieved for me and I would have no hesitation in recommending either him or Drewberry to friends, family and and business contacts. In the future, Drewberry will be my first point of contact. Many thanks!
Kym
Overall Rating
Tailored to my need and the staff gave very good service