How this comparison was prepared
Published provider descriptions and official transfer guidance. This is a transfer checklist and cost framework, not a recommendation to transfer a particular pension or a rating of investment performance.
Provider links are supplied for further research. Inclusion is not an endorsement or a personalised recommendation. Check the latest terms and your own circumstances before acting.
Start with these three checks
- List each pension, whether it is defined contribution or defined benefit, the current value, charges and employer contributions.
- Request written details of guarantees, protected tax-free cash, protected pension age, exit costs and transfer restrictions.
- Compare the receiving account, investments and retirement services. Check whether regulated advice is required before proceeding.
Options to investigate and what to check
This is a research shortlist, not an ordered league table. Compare the same needs and assumptions in each case.
Existing workplace pension
Someone checking whether an existing scheme can accept transfers.
Check: Ask about transfer eligibility, charges, investment options and the consequences for any ongoing employer contribution. Do not assume every old pot can be combined.
Published informationPensionBee
Someone researching a provider focused on combining pension pots.
Check: Compare the current plan and fund costs, investment approach, transfer process and retirement services against the pension you already hold.
Published informationMoneyfarm
Someone researching a managed investment approach within a pension.
Check: Check the current service, management and investment charges, risk approach and whether the service includes advice or guidance relevant to your needs.
Published informationA self-invested pension platform
Someone prepared to select and monitor investments themselves.
Check: Compare complete SIPP charges, dealing, investment choice and benefit options; simpler administration does not eliminate investment responsibility.
Published informationFind out whether the pension has more than a pot value
A defined-benefit pension promises benefits under scheme rules; its transfer value is not interchangeable with an ordinary savings balance. Some defined-contribution policies also contain guarantees or protected benefits. Request an explicit statement of what would be lost on transfer.
GOV.UK explains that safeguarded benefits valued at more than £30,000 generally require appropriate independent financial advice before transfer to a defined-contribution arrangement. The receiving provider should confirm the applicable process. Do not infer that a transfer below that figure is automatically suitable.
Protected pension ages, tax-free cash, guaranteed annuity rates, with-profits features and exit costs can change the decision. If a provider cannot explain whether a protection is retained, pause and obtain clarification rather than treating the uncertainty as zero cost.
Compare total annual pounds as well as percentages
Add account, investment and any service charges for each existing pot. Then calculate the receiving plan’s cost for the combined balance using its actual tiers, minimums and caps. Fixed fees may become proportionally smaller as a pot grows, but can be expensive for a small balance.
Do not combine an employer-supported scheme merely because a new account has a lower headline fee. Ongoing employer contributions, negotiated workplace charges and useful benefits may outweigh a small fee difference.
A transfer may involve selling investments. Ask about time out of the market, whether an in-specie transfer is possible and whether the destination supports the holdings. A forecast claiming guaranteed extra retirement wealth from consolidation is not a reliable basis for a decision.
Protect records and recognise transfer scams
Use the free GOV.UK Pension Tracing Service to find contact details for lost pensions. It does not itself confirm a pot balance or guarantee that a pension exists; contact the scheme administrator directly.
Verify the legal provider and any adviser using the FCA register and contact details independently. Be cautious about unsolicited approaches, pressure to transfer quickly and claims of early access. Different pension and investment arrangements can have different compensation protection; bank-deposit limits are not a universal pension guarantee.
Keep the old statements, transfer forms, confirmations and a record of any protected rights. Check the receiving statement after the transfer, and continue reviewing charges and investments rather than assuming consolidation finishes the job.
Illustrative cost inventory before a transfer
These invented charges illustrate the arithmetic. They exclude protections, exit costs and investment performance, so they cannot establish that a transfer is suitable.
| Pension | Illustrative value | Illustrative annual cost |
|---|---|---|
| Old pot A | £12,000 | 0.50% = £60 |
| Old pot B | £28,000 | 0.65% = £182 |
| Current combined cost | £40,000 | £242 |
| Hypothetical receiving plan | £40,000 | 0.35% + £30 = £170 |
The illustrative £72 annual difference must be weighed against transfer costs and any lost benefits. It is not a quote from a named provider or a recommendation to move.
Sources and further checks
Use these official guidance pages alongside the provider pages linked above. Published charges and terms can change; a quote and full contract are needed for a personal decision.
- GOV.UK: transferring your pension
- GOV.UK: find pension contact details
- FCA: Financial Services Register
Found a changed term or an error? Send a correction with the page URL and the relevant source.
Questions about this comparison
Practical points to check before choosing a product or service.