How do I transfer into my workplace pension?
Updated 19 February 2019
Combining your existing pension pots is one way of helping you keep track of your retirement savings. It will cut down on paperwork and could save you money as you may currently be paying multiple fees and charges.
However, transferring might not always be the best thing for you. Before you transfer, there are some important things to think about.
You should be comfortable with the investment choices that you make as you may lose features, protections, guarantees or other benefits when you transfer. If you’re not sure, you should get financial advice - there may be a charge for this.
A transfer for consolidation purposes is from one capital at risk pension product to another – so the value of your investments after any consolidation can still fall as well as rise and the final value of your consolidated pension pots may be less than paid in.
Any new funds you move your money into will have their own set of risks that will be detailed in the fund information that will be available to you.
If you decide this is the right option for you, you can transfer your other pension savings into your workplace pension online.
As with all investments the value may go down as well as up and you may get back less than the amount invested.
How to transfer into your workplace pension:
- Log into your Retiready account.
- Select 'savings' from the top menu bar.
- Select the pension you want to transfer your money into on your account summary page.
- Click on 'transfer in'.
- Confirm that you've read through the important. information and click the 'Start application' button.
- Complete the details on the next page and click 'transfer'.
- We'll confirm some details with you - if they're all OK, click the confirmation check box and 'continue'.
- That's you done your transfer request - our team will be in touch if they need anything else from you.
Please remember we can’t give you advice. If you’re not sure if transferring is right for you, you should contact a financial adviser. If you don’t already have one, you can find one in your area at unbiased.co.uk