Everything you need to know about transferring and consolidating your old pensions into one place, to make your money work harder. Understand the benefits, weigh up your options and make informed decisions, with Moneyfarm experts by your side.
Check your existing pension for any guaranteed benefits or penalties before you transfer.
Investments can go down in value as well as up, and you may get back less than you put in. See our full risk disclosure for details.
In the UK there are 3.3 million unclaimed pension pots worth a combined £31.1 billion. It’s estimated that one in four people have lost track of at least one pension. Are you one of them?
At Moneyfarm, we offer a hassle-free transfer service to consolidate your pensions and bring them all under one roof, making tracking and planning your retirement easier than ever.
We’ll get you set up with a pension suited to you, based on your goals and attitude to risk. We offer simplicity, 24/7 access to your account, and expert guidance from our consultants at any point.
We make transferring your pension simple and stress-free, handling all the key checks to make sure it’s right for you. If you’d prefer to review things yourself, here’s what to consider:
On your own or with help from one of our consultants.
Choose our pension or let our questionnaire guide you.
Discover your investor profile based on your needs and goals.
Start your pension investing journey with our experts by your side.
Pension consolidation is the process of bringing together multiple pension pots into a single plan. This can happen if you have worked for several companies over your lifetime and have built up different workplace pensions in each job.
It often happens that these pensions become difficult to track, especially if they are spread across different providers with different platforms, fees and investment strategies. By consolidating them, you can manage your retirement savings in one place, making it easier to see the full picture of what you have and how it is performing. But you should also consider the consequences of this change and any potential penalties.
The main reason many people consider pension consolidation is simplicity. If your pensions are spread across multiple providers, it can be hard to keep track of performance, understand what fees you are paying, and check if your money is still invested in a way that matches your goals.
By combining everything into one plan, you get a clearer overview and more control over your retirement savings. It also reduces the risk of losing track of old pensions, which is more common than many people realise, especially when changing jobs frequently over the years.
Despite the benefits, pension consolidation is not always the right decision for everyone. Some older pensions may include advantageous guarantees or special features that could be lost if you transfer them, such as guaranteed annuity rates or protected benefits.
It is also important to check if there are any exit fees or penalties for transferring your pensions. In addition, not all pension schemes are the same, and the suitability of a transfer depends on your personal circumstances, including your retirement timeline and financial goals. For these reasons, it’s important to review each pension carefully before making a decision and, where needed, seek professional guidance to ensure you are making the right choice for your future.
One of the key benefits of pension consolidation is the potential for lower and more transparent fees. Older pension plans often come with higher prices or less competitive investment options, which can reduce long-term growth. By moving everything into one pension plan, you may benefit from more efficient cost structures and potentially improved investment performance.
Another advantage is better organization: instead of managing multiple accounts, you can focus on a single pension. And this one can be designed to align with your risk level and retirement objectives.
Pension consolidation is often a good idea when you have built up several pension pots over your working life and find it difficult to keep track of them. This is very common if you have changed jobs multiple times or worked for different companies over the years.
In these cases, combining pensions can help you get a clearer view of your overall retirement savings and make it easier to plan for the future. It can also be particularly useful if some of your older pensions are no longer actively managed or if you feel that the fees or investment options are no longer competitive, compared with more modern pension solutions. However, you should always consider the context of your personal financial situation.
One of the most common mistakes people make is transferring a pension without first checking for benefits or guarantees. Some older pensions can include features such as guaranteed annuity rates or protected tax-free cash, which could be lost on transfer.
Another mistake is focusing only on fees without considering the overall value of the pension, including investment performance and benefits. Making a decision without considering your retirement timeline and risk profile can lead to a pension setup that does not fully match your needs.
Pension consolidation is usually an easy process, but the exact steps can vary depending on your existing providers. In most cases, you start by providing details of your current pensions, and your new provider, such as Moneyfarm, will help you in this context.
It’s easy to request the transfer of your pension funds into a single plan, and once approved, your savings are moved across. During this process, your money is typically out of the market for a short period, while the transfer takes place.
The entire process can take a few weeks or sometimes longer, depending on how quickly your existing providers respond. Pension consolidation usually offers simplicity, clearer visibility, and potentially better alignment with your current financial goals.
The right choice depends on the quality of your existing pensions, your level of organization, and whether you prefer convenience or maintaining multiple separate pension pots.
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By making an investment, your capital is at risk. The value of your Moneyfarm investment depends on market fluctuations outside of our control and you may get back less than you invest. Past performance is no indicator of future performance. The tax treatment of a Moneyfarm Stocks and Shares ISA and a Moneyfarm Pension depends on your individual circumstances and may be subject to change in the future. You should seek financial advice if you are unsure about investing.
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Check that you won’t lose any guarantees or safeguarded benefits if you transfer. This could include things like guaranteed annuity rates, guaranteed income or additional death benefits. Take a look at your current pension scheme to assess the fees you’re paying and whether any exit fees or penalties that your existing provider may charge should you choose to transfer. It’s also important to consider the investment options available to you. For more information on what you should know about your existing pensions before you transfer, please read our key considerations page.
Yes, we do accept employer contributions from self-employed and employed clients. You can register your employer by filling out the attached form and returning it to support@moneyfarm.com to start the process. If you’d like more information about the process you can always get in touch with our team of Investment Consultants.
Yes, this is possible. There are no requirements for additional contributions as long as the value of your pension reaches our minimum requirement of £500.
Standard Moneyfarm minimums apply also for transfers – you’ll need at least £500 to open a portfolio but we recommend at least £2,500 to benefit from full diversification.
No, unfortunately we cannot onboard clients that are not UK residents.
No, you won’t. When transferring your old pensions to Moneyfarm, our team will contact your providers on your behalf and set up the transfer for you. All you’ll need to do is complete the transfer form (once you open a Moneyfarm SIPP portfolio) and provide us with a few details about your old pensions: name of provider, your personal identifier (i.e. account number, policy number), and the amount you are looking to transfer (full or partial).
Pension transfer times can vary significantly, typically ranging from a couple of weeks to a couple of months. The duration depends on several factors including your current provider's processes, the type of pension scheme, and whether automated or paper-based systems are used.
Some providers, including Moneyfarm, use an automated platform called Origo, which can speed up transfers by eliminating paperwork. However, many providers still rely on paper forms, which can extend the process. Regardless of the method, both Moneyfarm and your current provider must conduct due diligence checks, which can affect the overall transfer time. Our team will keep you informed throughout the process and address any issues that arise.
You can transfer money from your other pensions into your Moneyfarm Pension, including from SIPPs and workplace pension schemes. Your pension savings are initially transferred as cash, and then reinvested once the money arrives in your Moneyfarm Pension.
You are able to transfer your Defined Benefit pensions to us but due to guarantees you will need to seek financial advice from an advisor to sign off the transfer. We do not offer this advice internally. If you are taking an income already, we would be unable to accept the transfer.
Whether you’ve had multiple jobs, are self-employed or are simply unsatisfied with your current pension provider, you might want to consider transferring your old pensions.
Keeping your pension pots in one place can help you take control of your finances and stay on track with your retirement goals, allowing you to monitor your performance and keep costs in check. You can now transfer your pensions to Moneyfarm in just a few minutes.
Simply open a Moneyfarm SIPP and provide us with a few details about your old pensions.
We’ll then get in touch with your pension providers so that you don’t have to.
