Thinking about transferring your pension?
Whether you’re looking to move to a scheme with lower fees, more investment options, or greater flexibility, transferring can be a smart move but it’s not always the right choice. Some pensions come with valuable guarantees you may lose if you transfer. That’s why it’s vital to get FCA-regulated advice before making a decision.
A pension transfer means moving your savings from one scheme or provider to another. Common reasons include:
- Consolidating multiple pensions into one pot
- Accessing more flexible retirement options (like drawdown)
- Choosing from a wider range of investments
- Switching to a scheme that better matches your retirement goals
- Reducing fees and charges
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Is pension transfer right for you?
A pension transfer could be the right move if you want more flexibility, lower fees, or a simpler way to manage your retirement savings. For some people, moving to a modern scheme can unlock more options, such as pension drawdown, or bring several small pots together into one clear plan.
Because the stakes are high, speaking to an FCA-regulated adviser is essential. They can review your existing pensions, explain what you’d gain and what you might lose and give you clear, personalised advice on whether a transfer is the right step for your retirement.
An FCA-regulated adviser will:
- Review your current pensions to check for guarantees or protections
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Compare fees, charges, and benefits across different providers
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Show you whether a transfer could genuinely improve your retirement outlook
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Ensure you meet legal requirements for DB pension transfers
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Create a tailored plan that fits your long-term goals
Things to consider
But transferring isn’t always suitable, and there are some important things to consider before making a decision:
- Loss of guarantees
Some pension schemes include valuable benefits like guaranteed income or inflation protection that you may lose if you transfer. - Exit fees and charges
Your current provider may charge fees for transferring out, which can reduce the benefit of switching. - Investment risk
Moving to a scheme with flexible access often means your money stays invested, so values can rise or fall. - Tax implications
Taking money in the wrong way or too quickly could leave you with a larger tax bill than expected.
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Why use our service?
Making decisions about your pension is important, and getting the right advice can make all the difference. Our service connects you with trusted, FCA-regulated advisers who are ready to help you navigate your pension choices.
- Free and impartial - There’s no charge for using our service — we’ll match you with a qualified adviser at no cost to you.
- Quick and convenient - It takes less than a minute to be matched with an adviser who understands your needs.
- Advisers near you - Our nationwide network means you’ll be connected with someone local, so you can choose how and when to speak.
Our expert adviser network
All of the advisers we work with are FCA-authorised and regulated.
Frequently asked questions
It’s the process of moving your pension savings from one scheme or provider to another.
It depends on your circumstances. A transfer could save money and offer more flexibility, but you may also lose guarantees. Advice is essential.
Some providers charge exit fees. An adviser can tell you if these outweigh the benefits of transferring.
There’s no single “best” place the right option depends on your goals, pension type, and tax position. An adviser will help you compare and choose.