Pension fund transfers

Rog321

I'm thinking of consolidating my various pensions into one. I can see that there is no charge for my main pension provider to do this but wondering if I take money from other pension funds effectively closing them I will be charged. Maybe I have to contact each of them directly and ask, but wondering if anyone knows the answer here.

dunstonh

I'm thinking of consolidating my various pensions into one. I can see that there is no charge for my main pension provider to do this but wondering if I take money from other pension funds effectively closing them I will be charged.

We cannot answer that question as it depends on the terms of the pension plans you have.   It shouldn't be difficult for you to find out though as you just compare the current value to the transfer value.

Most plans nowadays have no entry charges (and modern plans rarely have exit charges - it was mainly legacy plans that did).

LHW99

Rog321 said:

I'm thinking of consolidating my various pensions into one. I can see that there is no charge for my main pension provider to do this but wondering if I take money from other pension funds effectively closing them I will be charged. Maybe I have to contact each of them directly and ask, but wondering if anyone knows the answer here.

You wouldn't "take money" from them (and can't if you are under 55, soon to be 57). You would choose a new pension company, and ask them to transfer the pensions over - either one at a time, or all together.

However, are any DB (final salary) pensions? They are more difficult / expensive to transfer and generally not a wise thing to do.