Summary
As a country, we are not as prepared for retirement as we should be. Over half of the UK's working population is not expected to meet their target replacement ratio.
If you put your pensions together, you have fewer details to keep track of. With things in one place, you free up additional admin time to do other things.
Most pension schemes will allow you to transfer your pension pot to another scheme or to a new provider. This could be to your new employer’s pension scheme, a personal pension or a SIPP. Before moving your pension, you should ask your existing scheme administrator for a transfer value.
If your pension has "safeguarded benefits" - such as a defined benefit scheme - you will need to take regulated financial advice before transferring to a new provider. If your pension transfer value is more than £30,000, you will needs to take financial advice.
The amount you may pay in pension transfer charges will vary from provider to provider. Some providers do not accept defined benefit pension transfers. Many will require you to seek financial advice before transferring.
The Pensions Freedoms rules were introduced in 2015 to allow savers more flexibility in how pensions are accessed. Pensions can only be transferred to another person in the case of a divorce or dissolution of a civil partnership.
