When switching to a new pension provider, you could consider consolidating your accumulated contributions from your old provider into your new pension provider pot. Transferring pension pots is a request that can be initiated by you, as an employee, at any time by contacting the pension provider directly. This can help you by:
- simplifying your pensions as all contributions would be in one place
- reducing the total fees applied on contributions
- achieving higher income from the pension as there is a larger, consolidated investment pot
Questions to ask your current pension provider:
- Can I transfer? There can be restrictions on which provider you can transfer to.
- What is the ‘transfer value’ of my pension? If it’s the same as your pot value, it’s unlikely you’ll be charged a fee when you transfer.
- What fees will I have to pay for transferring, if any?
Questions to ask your new pension provider:
- Do I apply to transfer through you or my current provider?
- Are there any fees for transferring in, e.g. set-up fees?
Once the transfer request is initiated, you should see your total contribution savings consolidated into your new and current pension provider pot.
Husky is not a registered financial advisor and this article is for your general information. You may consider taking financial advise before deciding to transfer your pension pot.