Moving your pension

Make the most of your pensions - more choice, flexibility and savings

Why move your pension?

It is in your best interests to regularly review any pension and investment funds you might have to make sure they are performing and on track for your financial goals.

Your circumstances will more than likely change over time, and should be reflected in your pension funds, particularly approaching retirement and in retirement. You may also have accumulated a number of different pensions from different companies and want to combine them. Or your current pension scheme may have closed. Also, if you haven’t reviewed your pensions for a while, there are newer, more modern funds available now offering better benefits.   

We’ll tell you if your pensions are best left where they are or if they can be improved, and if they can, our recommendation is free.

What type of pension do you have?

Defined contribution pension

Most modern pensions are defined contribution (DC) pensions, but if you’ve worked for a large corporation, or in the public sector, you may have a defined benefit (DB) pension. Defined contribution pensions are built up over time with money paid in by yourself and your employer, and the amount you have when you retire will depend on how much has been invested, how the investments have performed and how much you have paid in fees to your pension provider. Transferring defined contribution pensions is normally a straightforward process. 

Defined Benefit Pension

In contrast, a defined benefit pension pays out a guaranteed secure income (final salary). Your employer pays into the scheme and is responsible for ensuring there’s enough money at the time you retire to pay your pension income. Your retirement income will be based on your earnings and the number of years you have been with the company. There may be certain benefits to moving your defined benefit pension to a personal pension, in terms of flexibility and death benefits for your family, however you will be giving up a guaranteed income and most people will not benefit. There are also far more stringent advice requirements now in place for members of DB pension schemes wishing to transfer.

Key considerations for moving or transferring your pension

Key considerations for moving or switching your defined contribution pension

This relates to defined contribution type pension schemes (DC pensions), personal pensions, stakeholder pensions, SIPPs (self invested personal pensions) and workplace pensions. 

  • Consider both the benefits and drawbacks
  • Compare pension scheme costs
  • Will there be exit fees?
  • Will you lose any benefits?
  • Will you be matching your attitude to risk?
  • Will you need financial advice?

Whether combining pensions or switching your pension is right for you will largely depend on your individual circumstances – we will always put you and your objectives first

Key considerations for transferring a defined benefit pension

You should understand that the financial services regulator, the Financial Conduct Authority (FCA), has stated that it will be in the interests of most people to keep their defined benefits pensions because of the valuable guarantees these provide. Our advice will always be from this starting point.

You will need to fully understand all the risks, advantages and disadvantages, relating to your particular circumstances, before taking the decision to transfer your defined benefit pension. Find out more here…

more on defined benefit Transfers

Request our client education guide for all the key points to consider before transferring your DB pension.

Pension Review – where we can help

If you’ve not had a pension review in a while or have various pensions you’re thinking of combining, you may benefit from increased flexibility, wider investment choice and cost savings by transferring or combining your pensions into simpler, more modern products.

Everyone wants their hard earned money to be placed where it is going to have the best possible chance of maximising in order to create a good income in retirement. You may already be on top of your retirement planning or, like many in the UK, you may not be clear on whether your pension could be performing better, is appropriate for your current needs, offers the flexibility you require, or even where your money is invested. 

Where we can help

Free, no-obligation initial pension review*

Evaluate costs & benefits.

Reduce risk & maximise funds.

Competitive fee structure over £100k.

A wide range of pension funds.
Experienced advisers.

* Any work you ask us to carry out in order to proceed with combining or switching pensions will be fee based.

the adviser we have dealt with has been excellent

“Both my wife and I have pension investments with Henderson Stone/Old Mutual Wealth* and over the past few years the adviser we have dealt with (John Collins) has been excellent. The home visits have always been punctual and well received. With recent world events our communication has been by e-mail and telephone with no issue or delay.”

* Old Mutual Wealth has rebranded as Quilter plc.

Mr E.A. Bathgate

Our Pension Review Process

We provide a fully comprehensive, high quality service to suit your needs

Step 1

contact us

Your first step is to take advantage of our offer of free guidance and an initial no-obligation consultation over the ‘phone. During this chat we’ll ask you to let us know about any pensions you currently have as well as your particular circumstances. We may request your pension plan numbers, and we may be able to help you track any lost pensions. 

Step 2


Using the information you provided, we will carry out a review of your current pension plans against more modern, more flexible options to see where you might benefit. We will let you know if your pensions are best left where they are or if we feel they could be improved. We will make sure you understand what your options are and what our fees will be should you wish to switch or consolidate your pensions. 

Step 3


You are not obliged to take action on any of our recommendations. Should you wish to proceed, we will confirm our terms of business, making sure you understand our fees and what your payment options are. We will always agree our fees with you before starting any work on your behalf. 

Useful Link

Find our more about our tailor-made approach to investments.

Why choose us?

We have chosen to be part of Quilter Financial Planning, an award-winning UK network of advisers. It is one of the largest financial planning networks in the UK and a part of Quilter Plc, a FTSE 250 institution.

Quilter Financial Planning provides valuable research and due diligence to ensure our advisers have access to financial products you can trust.

A member of Quilter Financial Planning,
an Award Winning National Network of Financial Advisers

Part of Quilter, a FTSE 250 company with £111.6 billion in investments (as at 31.03.2024).

Capital at risk. The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Transferring out of a Defined Benefit/Final Salary scheme is unlikely to be in the best interests of most people.

Contact Form

Book a free initial consultation*, ask a question or request a call back. Call us on 0141 352 7800 or fill in the form below.

* Any work you ask us to carry out as a result of this meeting will be fee based.

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