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Simplify your pensions: Combining, consolidating, and transferring explained

Jonathan Leggett
Written by  Jonathan Leggett
Ella Jukwey
Reviewed by  Ella Jukwey
Updated: 20 Mar 2024

We've teamed up with Profile Pensions to bring you a simple way of managing your pension and taking control of your financial future.

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.

Why should I combine or consolidate my pensions?

Are you wondering if you should combine your pensions? Combining your pension pots can be a wise move, especially if you're looking to simplify your retirement planning - it can help you find out how much you have in your pension, what charges you are paying and the performance of your pension funds.

Boring Money’s recent ‘Pensions Report 2023: Consolidation and Change’ found that 44% of 55 to 64-year-olds and 27% of 25 to 34-year-olds have two or more pensions, so needing to consolidate pensions is a common problem.

woman using laptop

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 and then start a new personalised pension plan with Profile Pensions to start the transfer:

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., Profile Pensions are independent so they can comparing and choosing 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. Profile Pensions 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?

Combining your pension pots can be a smart move, bringing lots of small pension pots into one place can make your life much easier and your money work harder.

With pension autoenrollment, there has been a big increase in workplace pensions.

More than 10.7 million people were paying into a workplace pension in 2021, with a 50% increase in women opening pensions since 2012.

And young people have seen a big increase in starting and paying into workplace pensions, with people 22 to 29-year-olds saving into a workplace pension more than doubling in the last decade.

According to the Association of British Insurers, there was an estimated £26.6 billion in lost pension pots (Oct 2022), an increase of almost £7 billion from what it was in October 2018.

So with each of us having more small workplace pension pots, it becomes important to combine old pensions so we can keep track of them.

Profile Pensions offers expert pension advice to help you make informed decisions about transferring and merging your existing pension plans, by giving you a personalised pension plan that’s right for you.

By consolidating your pension savings, you are less likely to lose track of your money, you’ll have a clear idea about the charges you’re paying and it will help you understand the current size of your pension.

All of these things can have a positive impact on the size of your pensions when you retire.

How to transfer a pension

If you're considering a pension transfer, Profile Pensions 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 Profile Pensions?

  • Expert pension advisers: Your dedicated team of Profile Pensions 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, Profile Pensions, create a new pension plan based on your needs.

  • Ongoing pension advice: With Profile Pensions, 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 Profile Pensions 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 Profile Pensions 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 Profile Pensions 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. Ltd is an Introducer Appointed Representative of Profile Pensions, a trading name of Profile Financial Solutions Limited 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

How can I combine my pensions?

When you're getting ready to combine pensions, try to find as much information about your existing pension plans as you can, including the provider, your customer number, balances, what you’re invested in and the charges you pay. You can usually find these details in your online account or on your annual pension statement. Then, you can think about consolidating them into a new, single plan.

Your next step is to contact your pension providers and request a transfer of funds into a single plan. Or if you use a service like Profile Pensions, they will do all of this for you, including contacting your existing pension providers and managing the transfer. I

t's a good idea to get professional advice to make informed decisions and make sure your pension is invested in the best place for you.

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 Profile Pensions Find, Check & Transfer service will check for any benefits or penalties for you, and then complete the transfer. (One-off 1% arrangement fee applies)

How do I transfer a pension?

To transfer a pension, start by contacting your current pension provider and tell them you’d like to start a transfer to another provider.

They will provide you with what you need to start the transfer process. You'll usually need to provide details of the new pension provider and may need to fill in and sign some paperwork to authorise the transfer.

If you’d like some help transferring, then the Find, check & transfer service from Profile Pensions may offer you some peace of mind - and they’ll handle the transfer from start to finish (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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