As the way we work changes, you may have more than one employer in your lifetime. This means you might have collected several pensions or ISA savings pots, which can be hard to keep track of. You may also be paying charges for each one.
Bringing your pots together, with Retiready, can offer a range of benefits:
Things to consider before transferring
It may not be the best option for you. It’s up to you to decide if transferring is the right decision for you.
For pensions - you may lose features, protections, guarantees or other benefits - so make sure you compare products before transferring.
Additionally, for ISAs, if you’re transferring from a cash ISA to our stocks and shares ISA, you’re actually transferring between two very different products. In a cash ISA your money is held on deposit, but in a stocks and shares ISA the value can fall as well as rise.
So, although our stocks and shares ISA has no fixed term, you should be prepared to remain invested for at least five years – ideally longer.
It’s important you remember to compare all products carefully before transferring. Any new funds you move your money into will have their own set of risks that will be detailed in the fund information available to you.
The value of your consolidated pension pot or stocks and shares ISA can still fall as well as rise and the final value may be less than has been paid in.
If you’re not sure if transferring is the right decision for you or you need advice, you should speak to a financial adviser - there may be a charge for this.
Lost track of your old pensions?
Contact the Pension Tracing service. It’s a free service run by the Department for Work and Pensions. It can help you trace the most up to date contact details of any previous pension pots.
Starting your transfer
Before you start you'll need:
- A rough estimate of your pension or ISA value
- The name of your current provider
- Your policy, account or plan number
- Your National Insurance number
- Your bank details