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Should I transfer old pension?
MFWannabe
Posts: 2,565 Forumite
Hi All
After some advice as I know little about pensions
I have an old pension that I haven’t paid anything into for years with a value of 50k
I also have a workplace pension which obviously I pay into monthly with my employer also contributing
Im wondering if it would be better to move the old pension into my workplace pension or another private pension or SIPP?
After some advice as I know little about pensions
I have an old pension that I haven’t paid anything into for years with a value of 50k
I also have a workplace pension which obviously I pay into monthly with my employer also contributing
Im wondering if it would be better to move the old pension into my workplace pension or another private pension or SIPP?
MFW 2026 #50
Mortgage:
04/04/26: £33,500
07/03/26: £34,418.15
16/01/26: £56,794.25
02/01/26: £60,223.17
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
07/03/25: Mortgage: £67,000.00Mortgage:
04/04/26: £33,500
07/03/26: £34,418.15
16/01/26: £56,794.25
02/01/26: £60,223.17
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
Savings: £20,000
0
Comments
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Impossible to know when you've given no details of any sort in relation to either pension.MFWannabe said:Hi All
After some advice as I know little about pensions
I have an old pension that I haven’t paid anything into for years with a value of 50k
I also have a workplace pension which obviously I pay into monthly with my employer also contributing
Im wondering if it would be better to move the old pension into my workplace pension or another private pension or SIPP?
Try reading https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
First bit of advice would be to do something about this.
I know little about pensions
Have a look at these links as starter for 10.
Pensions: Everything you need to know for retirement - MSE (moneysavingexpert.com)
Pensions and retirement | Help with pensions and retirement | MoneyHelper
Also your workplace pension website may also have some good info. You should have access to this as you will also be able to see how the investments in the pension are performing.
Otherwise the old pension will be probably out of date and will restrict your flexibility when it comes to the time to withdraw it.
If you do transfer it then due to your lack of knowledge in this area, then probably safer to transfer it into your workplace pension.
Without more details of each pension it is difficult to comment further.1 -
Thank you so much for your very helpful reply 👍Albermarle said:First bit of advice would be to do something about this.
I know little about pensions
Have a look at these links as starter for 10.
Pensions: Everything you need to know for retirement - MSE (moneysavingexpert.com)
Pensions and retirement | Help with pensions and retirement | MoneyHelper
Also your workplace pension website may also have some good info. You should have access to this as you will also be able to see how the investments in the pension are performing.
Otherwise the old pension will be probably out of date and will restrict your flexibility when it comes to the time to withdraw it.
If you do transfer it then due to your lack of knowledge in this area, then probably safer to transfer it into your workplace pension.
Without more details of each pension it is difficult to comment further.
what details would people need to comment further?MFW 2026 #5007/03/25: Mortgage: £67,000.00
Mortgage:
04/04/26: £33,500
07/03/26: £34,418.15
16/01/26: £56,794.25
02/01/26: £60,223.17
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
Savings: £20,0000 -
what type of pension is the old one? defined contribution? defined benefit? (nearly impossible to transfer....)MFWannabe said:
what details would people need to comment further?
will your employer's pension accept transfers in ? some only do so within the first few months of employment.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅🏅🏅🏅0 -
Name of current workplace provider ( and the old one)0
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Current The People’s pension. They allow transfers inAlbermarle said:Name of current workplace provider ( and the old one)
Old: Reassure. Group pension planMFW 2026 #5007/03/25: Mortgage: £67,000.00
Mortgage:
04/04/26: £33,500
07/03/26: £34,418.15
16/01/26: £56,794.25
02/01/26: £60,223.17
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
Savings: £20,0000 -
Probably simpler to transfer it ( only my opinion) unless it has some guaranteed benefits.MFWannabe said:
Current The People’s pension. They allow transfers inAlbermarle said:Name of current workplace provider ( and the old one)
Old: Reassure. Group pension plan1
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