Investment returns aren't guaranteed. The value of your investment can go down as well as up and may be worth less than what was paid in.
Keeping track of multiple pension plans can be tricky. With a pension transfer, you may have the option to combine all your pension plans into one single plan.
Why combine pension plans?
- Makes managing your money easier
- See at a glance what you’ve got
- Potentially benefit from lower charges
Important things you should know
Transferring pensions isn’t for everyone. There are a few things you should think about to help decide if it’s the right choice for you:
- Benefits and guarantees
Your existing pension plan may give you benefits or guarantees that the new plan might not offer
- Charges and choices
The charges may differ between pension plans, and there may be different investment options available
- Your current situation
If you’re in poor health, it might not be a good idea to transfer, as the pension plan could be liable for inheritance tax if you die within two years of transferring
Remember, you can speak to a financial adviser if you’re unsure about pension transfers. There’s likely to be a cost for advice.
To find out more on pension transfers you can also visit the Governments Money Helper website.
Transferring a pension
If you have decided you want to transfer your pension you can do so with any of your providers. To transfer a pension into your Standard Life plan you can do this online or over the phone.