Transfer your pensions
Make life easier. Put all your pension savings in one place.
Combine your pensions into one simple plan
Combining your pension pots can make it easier to manage your savings and unlock their full potential. With People’s Pension, you can bring your pensions together into one simple account. With no transfer fees, it’s a straightforward way to take control of your retirement and keep your future on track.
Why transfer your pensions to us
- It’s your money for life. It’s easier to manage all your savings in one online account. If you change jobs, you don’t have to stop saving with us.
- Investments matter. Choose from 1 of our 3 investment profiles or self-select.
- We give almost £3 million back to our savers each month. The more you transfer to us, the more you’ll get from our rebate.
How do I combine my pensions?
Find these details from your other pensions:
- Names of providers
- Policy numbers
- Approximate values
Then fill out our quick online form and we’ll take care of the rest.
FAQs
For more detailed information, see our help and support section.
What is a pension transfer?
A pension transfer is when you move your pension savings from one scheme to another, often to benefit from better investment options or lower fees. It’s important to consider the advantages and drawbacks before making the switch, as it can affect your retirement income.
How do I transfer my pension from one company to another?
To transfer into People’s Pension, all you need to do is log into your online account and fill out some details about your old pension providers using the online transfer form. We’ll take it from there.
Is it a good idea to transfer my pension?
Transferring your pension can be beneficial if it simplifies your finances or offers better returns or lower fees, but it’s vital to consider the long-term implications and any potential risks.
Can I transfer my pension to my bank account?
No. You can’t transfer your pension to your bank account because it’s designed for retirement income, ensuring you have money available when you need it later in life.
Should I combine my pensions?
Combining your pensions can simplify your finances and make it easier to keep track of your savings. It may also reduce fees and improve investment performance. However, it’s good to compare providers before deciding what’s best for you. Visit our charges, investment and service page to see how we stack up.
Can I transfer my pension to another pension?
Yes, you can usually transfer your pension to another provider if you want to bring your savings together. But in some cases, a transfer might not be possible or advisable – like if there are restrictions on your current scheme, or if you’d lose guaranteed benefits.
Is transferring right for me?
Transferring your pots could be a smart move:
- Keep track of your savings – Keeping all your savings in one place simplifies management and reduces the risk of losing money.
- Fewer charges – Bringing your pensions together means one simple charge – and the more you save with us, the lower the percentage charge.
- Flexibility at retirement – With one pension pot, you’ll likely have more options to access your money.
Transferring isn’t right for everyone, however, so it’s important to compare providers and decide what’s best for you. For more information, take a look at our Charges, investment and service page.
I’ve lost my old pension details – Don’t worry, the government’s Pension Tracing Service is free and can help you find them.
It’s also important to consider the following:
- Your circumstances
- The arrangements of your other pensions
- Any guarantees you might lose such as guaranteed annuity rates
- Whether you’re planning to access your pension savings within the next five years1
[1] HMRC pension access rules
Under HMRC rules, if you transfer to us, you might find that you can’t take a pension pot of £10,000 or less all in one go (as a small pot lump sum) if:
- it’s been less than 5 years since you made a transfer in or
- it’s been less than 3 years since you made a transfer out.
And your pension savings with us, plus any related pension scheme you’re a member of, are £10,000 or less.
If you’re with The People’s Pension, you can usually move your other pensions into your pot. It depends on the type of pension, so check first – especially if it’s a defined benefit scheme. MoneyHelper has helpful info on this.
Transfer in
Combine your other pensions in a few simple steps.
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