Skip navigation Personal Employer Adviser About us Register Login Pensions & Retirement Savings & Investments Equity Release Contact & Help Pension transfers The important things you need to know about combining pension plans Request a transfer PensionsGuides Pension transfers A pension is a long-term investment. Its value can go down as well as up and could be worth less than was paid in. Laws and tax rules may change in the future. Your own circumstances and where you live in the UK will also have an impact on tax treatment. What is a pension transfer? If you’ve worked multiple jobs over the years, you may have been auto-enrolled into a number of pension plans by your past employers. You might also have a few pension plans that you opened yourself. Keeping track of all your plans’ policy numbers and knowing exactly how much is in each of them might start to get confusing as the years go by. With a pension transfer, you can combine all your pension plans into a new, single plan. This can help you see the total amount you have saved for later life much more clearly and it could even result in lower annual charges. You can also factor your combined pension plan total into other sources of retirement savings to give you a clearer overview, such as an Individual Savings Account (ISA) and the state pension. Why combine pension plans? Once you’ve combined your pensions into a single plan, you’ll have a clearer picture of how much pension savings you might have to live on in later life — whether you choose to retire fully or simply reduce the amount of hours you work. Here are some other reasons why people consider combining their pension plans: Clearer retirement planning: once you can see your savings in a combined pension pot, it should be easier to know how much you have to live on in later life More value: you could have a better range of investment choices and lower annual charges. You could even get a discount for having a bigger pension pot Clearer management: with all of your pension savings in one place, you can cut back on admin and paperwork by focusing on a single plan Clearer retirement options: knowing exactly how much you have in pension savings can make it clearer when deciding how to take your money at retirement Important things you should know Transferring pensions isn’t for everyone. There are a few things you should think about that can help you decide if it’s the right choice for you: Your retirement income: there’s no guarantee that your retirement income will be better after transferring your pension plans into one place. That’s why it’s best to weigh up your options carefully to make an informed choice Your benefits and guarantees: your existing pension plan may give you benefits or guarantees that the new plan might not offer Your charges and choices: just like benefits and guarantees, your current pension plan’s charges might not be transferable, meaning you might pay more on the new plan. You might also find that the new plan doesn’t offer the same investment choices that you’re currently invested in Your current situation: If you’re in poor health it might not always be a good idea to transfer, as the pension plan could be liable for inheritance tax if you die within two years of transferring Remember, you can speak to a financial adviser if you’re unsure about pension transfers. There’s likely to be a cost for this. How do pension transfers work? If you’re an existing customer, you can simply log in to your account and request a transfer into your existing Standard Life plan. New customers can request a transfer into their new Standard Life pension plan during the initial application process. How long does it take? From start to finish, pension transfers can take a matter of weeks. You can speed up the process if you know the provider and policy details of your existing plans. Typically, Standard Life will ask you for the following information about each plan you’re thinking about transferring: Your latest pension statement for each provider And / or a recent valuation statement, if you have one What if I don't have that information? Not to worry, you can confirm how many pension plans you have, as well as their provider details using the government’s free Pension Tracing Service . Once you know who your pension plans are with, you can contact them to get the relevant information we need before we start your transfer. If you’re a new customer and you’re missing any details of your existing plans, we can still summarise your transfer at the end of the application process. Ready to transfer a pension plan? Whether you’re a new or existing customer, you can request a pension transfer using these options. New customers If you’re a new customer, you can request to transfer an existing pension plan into a new Standard Life plan as part of your application. Visit our ‘buy a pension’ page to start a new application or to find out more about Standard Life plans. Buy a pension Existing customers If you’re already a customer, you can request to transfer an existing pension plan into your Standard Life plan by logging into your account. Simply select ‘combine your pension’ from your online dashboard: Log in to your account If you don’t have online access, you can set up an account online or by giving us a call. Call charges will vary. Register online Call 0345 606 0098 Request a transfer with the Standard Life app If you’re an existing customer, you can transfer a pension plan to us with the Standard Life mobile app on iOS devices like iPhone or iPad, as well as Android phones. You can download the apps using the buttons below. It’s quick, easy and secure. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc. The decision about transferring must be yours. If you're unsure about transferring you should seek financial advice. Your financial adviser will probably charge for this advice. You can also find out some more information from MoneyHelper . There may be certain circumstances where you will be required to take financial advice. Pension basics Our starter guide covers how a pension plan can help you save and invest money for life in retirement. Learn more Are your pension savings on track? Are your pension savings on track for the type of lifestyle you want in retirement? Try the calculator MoneyPlus Keep up to date on pensions with our MoneyPlus experts. Get regular news, tips and analysis. Visit MoneyPlus Part of Phoenix Group Proud to be part of the UK's largest long-term savings and retirement business Help and Support About Us Help Online Services Login Register News and Views Savings tips & insights Latest news & reports Media contacts Connect with us Accessibility Legal information Privacy Policy Cookie Policy Provider details © 2021 Standard Life. All rights reserved We use strictly necessary cookies when you visit our website to give you the best experience possible and to keep things secure. We’d also like your consent to set other cookies to help us improve our website and to tailor the marketing you see. Manage settings > Decline All Accept All