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.
Frequently Asked Pensions Advice Questions
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