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Contact us

Pension Transfer & Consolidation

If your long-term investment goal is to retire comfortably or you are considering retirement in the near future, our Pension Consolidation Service could give you clarity on where you stand.

Get in touch Transfer my pension

Transfer your Pension into a plan that suits you.
Simplify your Pensions by bringing them together in one place.
Gain a clearer view of your overall Pension pot for retirement.

Why Consolidate your pension?

Make it easier for you to track your progress towards retirement with all your Pensions in one place.

Consolidating Pension pots could offer the potential for greater growth over the long-term.

Ensure your Pensions match your personal attitude to risk.

Transferring your Pension could potentially reduce the overall fees you pay.

One view for your Pensions.

With our Pension Consolidation Service, we can help you find, combine and consolidate your Pension policies into one manageable plan.

With a True Potential Personal Pension you’ll have:

Access to exclusive Investment Portfolios.

Personal Financial Advice whenever you need it.

Use of our award-winning technology with 24/7 access to give you control.

Support from our friendly Relationship Management Team.

What is Pension consolidation

Pension consolidation is the process of combining multiple Pensions into one pot. It’s also known as ‘transferring’ or ‘merging’ Pension pots.

Pension consolidation is a good way to take control of your Pension savings – particularly as you approach retirement.

If you’ve had more than one employer, the likelihood is you’ll have more than one Pension pot. There are a lot of Pension types, each with different rules and benefits. Having multiple Pension pots from various providers may increase the risk of losing track of them, so streamlining the Pensions you’ve collected over the years can make them easier to manage.

What are the benefits in consolidating a Pension?

Consolidating your Pensions into one place could help you enjoy
a more comfortable retirement and secure your financial future.

Throughout the course of our lives, we can expect to accumulate several different Pensions from a range of sources, including:

  • Workplace Pensions from each job we have.
  • Recommendations from previous Financial Advisers.
  • Personal Pensions we’ve set up and since forgotten about.

Having multiple Pensions with different providers can make it difficult to stay on top of the administration, fees, and performance of each plan. One way to avoid these complications is to find and combine any Pensions you have.

Even if your Pensions are relatively small or invest ed in specific funds, it’s worth speaking to someone to find out what the impact of Pension consolidation might be for your retirement.

Certain Pension policies can provide valuable guarantees, such as:

• Guaranteed annuity rates
• Protected higher tax-free cash percentages
• Protected retirement ages

Some plans, often workplace schemes, also benefit from low charges that cannot be matched elsewhere.

These guarantees and benefits could be lost if transferred and therefore Pension consolidation is not right for everyone.

Pension consolidation can be a complicated process. Therefore, it is important to speak to the right people and seek expert financial advice from a consolidation specialist.

Please remember that tax rules can change at any time.

Is merging my Pension pots right for me?

Make it easier to track your progress towards retirement.

Having all Pensions in one place makes it easier to check your plan’s value, see if you’re on track to meet your goals and ultimately have a clearer understanding of what your retirement options are.

Potentially reduce the overall fees you pay.

Pensions come with certain charges, no matter what provider you’re with. Through Pension consolidation, you can greatly reduce how much you pay in charges. This in turn will potentially mean you have more in retirement.

Ensure your Pensions match your personal attitude to risk.

When making the decision to invest, your money has more potential to grow than if you’re just saving it. It’s important to be aware that investment always comes with risk. How much risk you take can affect your potential growth and the value of your investment. Any income from it may rise as well as fall.

It’s always best to speak to a financial adviser before making an investment decision.

Potential for greater long-term growth.

In most instances, you should be able to transfer your Pension pot to another Pension scheme. Bringing all your Pension plans together could increase the value of your overall savings. If you have several pots, one may be performing better than the others.

Combining your Pension savings can also give you access to a wider range of investment funds that are potentially better suited to your needs. They could offer the potential for greater growth over the long-term – although this is not guaranteed.

Consolidating a Pension with True Potential.

If you have a Pension or several Pensions that might benefit from consolidation, we’ve made the process of combining them simple.

How do I consolidate my Pension?

If you are already a client, you can transfer to your existing True Potential Personal Pension online or through the app. If you’re not already a client, you can create a new account online where you can tell us the name and basic information of your old Pension Providers.

We’ll do the work from there, keeping you updated with the progress along the way.

Before deciding if Pension consolidation is right for you, you should consider all of your options. Speak to a financial adviser if you are uncertain of what the best course of action is.

Step 1:

Start by doing research into your different providers and think about what Pension best matches your retirement goal.

Step 2:

Once you’ve decided the provider, this can be as simple as contacting the provider and giving them the details of your other Pensions to transfer in. They’ll typically take it from there and it can be relatively straightforward.

Is there a fee for moving my Pension?

We believe in keeping fees simple, transparent, and great value for money. We’ll talk you through all costs before you transfer your pension and you’ll always be able to see them in your account.

We don’t charge any fee for transferring your pension to us. However, your current provider may charge an exit fee so it’s worth checking with them also.

You can find out more on our fees page.

Try our free calculator

What is the fee to open a Personal Pension?

£0.00

What is the fee to transfer into a Personal Pension?

£0.00

Is there an ongoing platform fee charge?

0.40%

What is the typical Ongoing Investment charge?

0.77%

Why consolidate Pensions with True Potential?

Finance experts

We’re experts in helping people do more with their money and helping people achieve their retirement goals.

With access to more than 9,620 experts in 162 locations around the world and our expert in-house team makes the investment decisions for our fully managed Investment Portfolios.

Technology

Our award-winning technology gives you complete visibility at all times and puts you in control. You’ll see everything we see, from the fund managers within your Portfolio to the asset allocation of your investments. Our world-first impulseSave® technology also lets you top up your investments from £1 in just a few taps, so you can stay on track towards your goal.

Support

If you have any questions or need any help, our friendly Relationship Management Team are on hand to offer you support when you need it.

Ready to transfer your Pension?

Ready to transfer your Pension?

If you’d like to find out if our service is suitable for you and how we may be able help you reach your financial goals, please get in touch. Our dedicated Account Managers can explain your options, with no obligation to proceed.

You can also choose to transfer your pensions online by clicking the button below.

It’s important to understand that with investing your capital is at risk. Investments can fluctuate in value, and you may get back less than you invest. Pension consolidation may not be right for everyone. It’s important to speak to a financial adviser to discuss the best option for you.

Transfer my pensions Get in touch

Pension consolidation FAQs.

When changing jobs, often your workplace pension will be left behind. It will still belong to you, and it will remain invested until you are ready to draw upon it.

If you’re considering a transfer, you should compare the features, benefits, and costs of your current Pension scheme and the potential new pension scheme. Most schemes will allow you to transfer your pension to another provider. However, you should always contact your current provider first to ensure that your pension does not contain valuable guarantees that would be lost on transfer. Speak to a financial adviser if you are uncertain of what the best course of action is.

Yes, you can transfer multiple pensions into one. Consolidating these from different providers could make it easier to say on top of the administration, fees, and performance of each plan.

Although there are many benefits to combing your pension pots, pension consolidation is not for everyone. There can be some circumstances where keeping your pension invested where it is the best option. It’s always best to speak to a financial adviser before making an investment decision.

You can transfer your existing UK pension pot to True Potential. You may also be able to transfer an overseas pension if you are a UK resident. Our team will be happy to discuss the requirements with you for this.

Your pension fund value is the total amount of money in your pension Savings at a particular point in time. The transfer value is the amount of money that you can transfer, should you decided to move this to another provider. This amount is calculated at the time of transfer.

On average it can typically take ten to fifteen working days to transfer your pension to True Potential. Our team will reach out to your current pension provider on your behalf and keep you updated with our progress.

No, there is no minimum pension transfer value required to transfer your pension to True Potential.

If you have a Defined Contribution pension, also known as a ‘Personal pension’ or ‘Workplace pension’ it’s likely that you can move this at any time however this can depend on if you have started drawing money from it.

If you have a Defined Benefit pension sometimes known as an ‘Occupational pension’ or ‘Final Salary pension’ there are many points to consider when thinking about transferring. It is a requirement to seek regulated financial advice if you are looking to transfer over the value of £30,000.

Helping our clients do more

Trustpilot

True Potential is a trading name of True Potential Wealth Management LLP (Registered number: OC356611), True Potential Investments LLP (Registered number: OC356027) and True Potential Administration LLP (Registered number: OC426081). These companies are part of True Potential Group Limited, are registered in England and Wales and are authorised and regulated by the Financial Conduct Authority; Financial Services registration numbers 529810, 527444 and 924423 respectively. True Potential Adviser Services is not regulated by the Financial Conduct Authority.

Registered office for all entities: Gateway West, Newburn Riverside, Newcastle upon Tyne, Tyne and Wear, NE15 8NX

With investing your capital is at risk. Investments can fluctuate in value and you could get back less than you invest. Tax is subject to an individual’s personal circumstances, and tax rules can change at any time.

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