New job - transferring pension pot

pledgeX

I've recently changed jobs and would like to transfer my pension to my new employer's pension scheme.

My old pension is a group personal pension plan that was handled by Scottish Life (now Royal London). My new pension is another group plan and is handled by Fidelity.

The Annual Management charges are similar between the two, so I'd prefer to have all my money in one place and not have to worry about keeping track of multiple pots.

Which provider instigates the transfer, or do I need to get in touch with both of them?

Are there any transfer charges that I need to be aware of? I've read the paperwork for both providers but it's not entirely clear. It does mention a 'Market Value Reduction', but again I can't make head nor tail of it.

It's only a couple of thousand so it's not a large amount to transfer.

xylophone

Check with your new pension provider if a transfer will be accepted and ask for details.

Ask the old provider if there is any charge for transferring out.

The new provider should organise the transfer.