Yes, you can transfer another pension to your existing pension plan. You should be aware that some restrictions may apply.
Before you transfer your pension, we recommend talking to a financial adviser as there are a number of important factors to consider. For example you should:
- get a transfer value from your previous pension plan
- ask your new pension provider for an estimate of the pension you can expect from that transfer value
- ask your financial adviser to prepare a transfer value analysis
- compare the benefits available from your old plan with the estimated benefits of your new plan. You need to pay special attention to:
- any guarantees you’re giving up
- any benefits you’re giving up
- any penalties for transferring
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.Please remember we can’t give you advice. If you’re not sure whether transferring is right for you, you should contact your financial adviser. There may be a charge for this. If you don’t already have one, you can find one in your area at unbiased.co.uk