Simplify your pensions: Combining, consolidating, and transferring explained
Whether you're bringing all your pensions together, consolidating them into a new pension plan, or considering a transfer of an old workplace pension, we're here to guide you through the process.
Key takeaways
An estimated £31 billion in approximately 3.3 million pension pots remains lost or forgotten
Combining your pensions can make your savings easier to manage, reduce fees, and help you see exactly how much you have for retirement
MoneyFarm can help make the process of combining your pensions simple and hassle-free
Why should I combine or consolidate my pensions?
Combining your pension pots can be a wise move, especially if you're looking to simplify your retirement planning.
It can help you manage your pension more easily, including taking a closer look at how much you have in your pension, what charges you are paying and the performance of your pension funds.
Depending on how the underlying investments to your pensions are performing, combining them could also help you grow the bigger pot for your future.
Research from Royal London shows that on average, UK adults now hold 2.4 pension pots, up from previous years. Among those aged 18–34, the average is already 2.9 pots per person.
This growth in multiple pots highlights the challenge of consolidation – another reason why many individuals end up with fragmented savings across different providers.
How do I consolidate my pensions and start a pension transfer?
To combine your old pensions, start by gathering as much information as you can about your existing pension plans, including how they are performing.
Pensions can be complicated, so you may wish to take advice before making any decisions.
Once you have decided to consolidate your pensions, you’ll require a new personalised plan. This step-by-step example is how it works with MoneySuperMarket’s pension provider partners, MoneyFarm:
Step 1: Sign up online for your personalised pension plan
You’ll be asked some questions about yourself, your investment experience and your appetite for risk.
This is quick and easy and makes sure your pension is invested in the right place for you. MoneyFarm is independent so can compare and choose the best funds for you from the whole of the market.
Step 2: Add details about the pensions you want to combine and transfer
Once you have your personalised plan and know where to combine and invest your pensions, you simply add the details you have about your old pensions (policy number, estimated value, etc…) and start the pension transfer. MoneyFarm can even help you find lost pensions if you need a hand.
Step 3: Contribute or add other pensions to your new plan
In a secure online account you can set up one-off or regular contributions to your new pension plan, or if you later find another old pension, you can transfer that in at any time.
Is it worth combining old pensions?
If you’ve worked multiple jobs, chances are you’ve built up a few small pension pots. Combining them can make your savings easier to manage, reduce fees, and help you see exactly how much you have for retirement.
Workplace pensions have grown fast since auto-enrolment. Most people now have several pensions, but many forget about them.
According to research by the Pensions Policy Institute (PPI), as of October 2024, an estimated £31 billion in pension pots, spread across approximately 3.3 million unclaimed accounts, remain lost or forgotten.
How to transfer a pension
If you're considering a pension transfer, MoneyFarm can help you and make the process quick and easy.
Whether you're looking to move an old pension to a flexible pension plan with all-inclusive, competitive fees or consolidate multiple old workplace pension plans into one new plan, they will provide a personalised plan that compares and chooses funds from the whole of the market.
You can then transfer your pension(s) and benefit from the knowledge your pension is in the right place for you.
As part of your all-inclusive pension fees, you’ll benefit from their ongoing advice service to keep your pension in the best place for you and you’ll have access to a dedicated Pension Adviser to contact directly whenever you need to.
Why choose MoneyFarm?
Expert pension advisers: Your dedicated team of MoneyFarm Pension Advisers is here to help you make the most of your retirement savings and answer any questions.
Funds selected from the whole of the market: They are impartial and compare a wide range of investments from the whole of the market, so you could potentially grow your pension pot.
Personalised pension plan: We understand that everyone's investment and retirement goals are different, so our partners, MoneyFarm, create a new pension plan based on your needs.
Ongoing pension advice: With MoneyFarm, you can feel confident knowing that your retirement income is in good hands and there is ongoing advice to make sure it stays in the right place for you.
Other useful guides
We have a range of guides to help with your pensions decision:
Compare private pensions with MoneySuperMarket
Ready to take control of your retirement planning? Sign up with MoneyFarm today to learn more about combining, consolidating, or transferring your pension plans. Their team of experts is here to help you make the most of your pension savings and secure a comfortable retirement.
They will choose the best investment plan for you, using funds from the whole of the market.
There is no cost to join MoneyFarm and you will also get your own dedicated pension adviser to answer any questions you have as soon as you sign up.
If you choose to use the MoneyFarm Find, Check & Transfer service, a one-off arrangement fee of 1% of the pension value is charged when you transfer. All pensions found using this service will be checked for any existing benefits or penalties.
Capital at risk. Past performance is not a guide to future performance. This website does not constitute personal advice. If you are in doubt as to the suitability of an investment please speak to a financial adviser. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.
MoneySuperMarket.com Ltd is an Introducer Appointed Representative of MoneyFarm, which is authorised and regulated by the Financial Conduct Authority. FCA number 596398. Registered in England & Wales, Company Number 07731925. Registered office address: Norwest Court, Guildhall Street, Preston, PR1 3NU.
Frequently asked questions
Should you combine pensions?
Combining pensions can offer a few benefits, like making it easier to manage your pension, less admin and paperwork and potential cost savings on the fees you pay.
But it’s always worth checking if your old pensions have any guarantees or benefits you’d be giving up when you move them.
The MoneyFarm Find, Check & Transfer service will check for any benefits or penalties for you, and then complete the transfer. (One-off 1% arrangement fee applies)
Should I transfer my pension?
Deciding whether to transfer your pension depends on a few things, including the details of your current pension plan, the benefits of transferring your pension, and your retirement goals.
Transferring your pension can offer benefits such as increased flexibility, potentially lower fees, and access to investment options that are better suited to your needs and goals.
But it’s important to weigh up the advantages against any disadvantages, such as exit fees or loss of valuable benefits from your existing plan. Seeking advice from a financial adviser can help you make this decision.
Can I transfer my pension to another pension provider?
Yes, in most cases, you can transfer your pension to another pension provider. But it’s a good idea to check the terms and conditions of your current pension plan to make sure that you can transfer and understand any fees or penalties.
You'll also need to make sure the new pension provider understands your needs and will invest your money in the best place for you. It's always a good idea to speak to a financial adviser before you get started.
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