Transferring Pensions, Dc to Dc

DavidJonas

This is probably a silly question, but..

Are there any tax implications of transferring defined contribution pensions to another provider?

I want to consolidate my pension into one pot (the one I am paying into with my current employer) and I have multiple providers currently - from previous employers. The amount that would be transferred in all told is quite large, more than my salary, but it won't exceed the lifetime allowance or anything.

All are direct contribution. Invested in stocks, etc.

All affected providers are regulated UK pension providers.

Can I move this money around as I see fit?

JoeCrystal

Providing none of them have GAR, you should be able to move the money around as you see fits.

xylophone

Do any of these old DC pensions have safeguarded benefits in excess of £30,000?

Does your current scheme accept transfers in?

If no to the first and yes to the second there should be no problem.

Marcon

You might want to read this first: https://www.thisismoney.co.uk/money/pensions/article-7411619/Should-merge-old-pension-pots-one-scheme.html

Albermarle

A couple of other points to consider:
If you are happy for the transfers to be in cash , this makes the transfer easier and quicker and in some cases cheaper.
Otherwise you can try to transfer the actual investment funds in the pensions but this can only work if the pension you are transferring in to holds the same funds , which in your case will be unlikely I think.
You could think about consolidating down to two pensions - not just one . Or even open a new pension in addition to your workplace pension , such as a SIPP which will give you wider investment choice ( if you want that ) .