The options you have for your existing pension plan(s) will vary depending on the type of pension product.
Typically, you can keep them going, although if a pension plan is set up through a previous employer, you may not be able to continue making payments into the plan. If this is the case, the plan is made 'paid up' - this means it remains invested and will incur charges as before, although you are not continuing to make payments into it.
Alternatively, you can transfer your previous pension(s) into your present pension plan, although there may be restrictions on when you can do this and on the minimum amount of any such transfer. You may also incur a charge for transferring.
The Standard Life SIPP can accept transfers from:
Transferring from another plan does not mean that your retirement fund value will be higher than it would otherwise have been. You should always seek financial advice before considering transferring.
When considering what to do with your existing pension arrangements, it is important to seek advice from your financial adviser. There may be a cost associated with obtaining advice.
