Combine workplace pensions

Tedlad123

I’m currently employed and pay into an Aegon workplace pension,  I also have a RL pension which is/was also with my current employer until they switched provider last year, no longer paying into the RL.
I’ve taken the tax free cash from the RL which is now in a drawdown plan and I haven’t taken any other cash. 

I would like to transfer it into the Aegon pension for ease of monitoring it. How would this work? Not planning to take any more cash or start drawing down for the next 4 or 5yrs. 

How would it work regarding taking tax free cash from the Aegon pension when it’s combined with the RL transferred pension which I’ve already taken tax free cash.

Thanks

Marcon

Tedlad123 said:

I’m currently employed and pay into an Aegon workplace pension,  I also have a RL pension which is/was also with my current employer until they switched provider last year, no longer paying into the RL.
I’ve taken the tax free cash from the RL which is now in a drawdown plan and I haven’t taken any other cash. 

I would like to transfer it into the Aegon pension for ease of monitoring it. How would this work? Not planning to take any more cash or start drawing down for the next 4 or 5yrs. 

How would it work regarding taking tax free cash from the Aegon pension when it’s combined with the RL transferred pension which I’ve already taken tax free cash.

Thanks

Assuming the Aegon plan you are in will accept the transfer (check your scheme literature), then the transfer will be to a drawdown account with Aegon, and thus effectively kept separate from your 'active' pension with Aegon. Easiest way to grasp what's going on is simply to think of them as two separate pots with the same provider.

Albermarle

Pension providers are generally happier accepting transfers of pensions that are uncrystallised ( that is no tax free cash taken). If the pension is crystallised ( so the tax free cash has been taken) then they may not accept it. You need to check with them.