Want to consolidate your pensions?
How many pensions do you have? It's not unusual, if you’ve been working a while, to have several workplace pensions to your name – each begun with a different employer. A lot of pensions means a lot of paperwork. But admin isn’t the only problem. When your retirement savings are scattered, it’s hard to get a picture of your overall pension pot and know whether you’re saving enough.
But by combining your pensions in an AJ Bell Youinvest SIPP, you can see – and control – everything in one place. You'll know exactly how your pension is performing, and exactly what you're paying in charges. Before you start, take a look at our checklist to help you decide whether moving a pension is right for you.
How to move your pension to AJ Bell Youinvest
Ready to get started? Open a SIPP
Already have a SIPP with us? You can start the transfer process by logging in and from the 'My account' menu, choosing 'Transfers', then 'SIPP'
From there, our transfers team will handle all the admin. Most transfers won't need you to complete any paperwork, but we'll be in touch if we need any from you. We’ll let you know when the transfer of each pension is complete. Find out more about transferring a SIPP.
Before you move a pension to an AJ Bell Youinvest SIPP, it's important to make sure you won't lose money, or any valuable benefits by doing so. Here is everything you should check:
- If you transfer out, will you be charged an exit penalty or face a market-value adjustment (MVA)?
- Will you lose any valuable benefits? Examples include a guaranteed annuity rate, the right to take more than 25% of your fund tax free, or a pension paid to your spouse when you die
- Does your employer pay into your existing pension, and if so, will they pay into a SIPP?
- Does your existing pension already let you access the investments you want? How do its costs compare to those of a SIPP?
- Do you have a final salary (also known as 'defined benefit') pension, which guarantees a lifelong retirement income? If so, you’re probably better off not switching. If you aren’t sure, check with a suitably qualified financial adviser. To transfer a final salary pension worth £30,000 or more, you and your adviser will need to complete this financial advice declaration form.
Remember that if you do decide to transfer, selling your investments first means you’ll be out of the market and could lose out on potential gains. You can transfer investments to an AJ Bell Youinvest SIPP without selling them first.
How do I track down ‘lost pensions’
Not sure how to find an old pension? The government’s free Pension Tracing Service may be able to help. Visit www.gov.uk/find-lost-pension or call 0345 6002 537 for more information.