Pension Consolidation

Get your pensions together

Why combine your pensions?

It can be hard to keep track of different pensions. Having your pension savings in one place makes it easier for you to manage. Different pension policies have different charges. Moving to one policy with lower charges could save you money.

If you are thinking about making a pension transfer from one pension company to another read on to learn about the key things to consider when making a decision.
 
1. Can I transfer my pension?
There might be restrictions on your transfer options so it’s worth finding out from your current provider what type of pension you have. The main types are defined contribution (DC) or defined benefit (DB) pensions.

Defined Contribution (DC) Pension Transfer
Your contributions (and any employer contributions made on your behalf) are invested to build up your pension savings, and you choose how and when you want to use your savings. The amount in your pension at retirement is based on how much has been paid in and how well the investments have performed.

You can transfer most types of DC pensions but if you have any unique benefits or features attached to your plan you may lose these if you decide to transfer. 

Defined Benefit (DB) (e.g. Final Salary) Pension Transfer
With this type of pension your benefits are calculated using length of employment and salary. DB pensions provide a valuable guaranteed retirement income and often have other special benefits.

If you want to transfer a DB pension to a DC pension you will lose access to your guaranteed benefits from your DB scheme.

 
2. Should I transfer my pension?
There are pros and cons to a pension transfer. It’s important to make sure you have all the information you need and take some time to decide what’s right for you. Below are just some of the things you should think about before transferring.

There’s no guarantee that transferring or combining your pensions will give a higher income or bigger pension pot when you retire. Your pension is invested so its value can go down as well as up and you could get back less than you put into your policy.

3. Who can help me decide what's best suited to my circumstances?
A Financial Broker can look at your overall finances to help:

• Understand your needs.
• Discuss potential solutions.
• Draw up a short list of options and providers.
• Highlight the pros and cons.
• Explain the process involved in combining your pensions.
• Make a recommendation.

Things to look out for when transferring

Here are a few things to consider before deciding on whether to transfer your pensions:

Talk to your Financial Broker for more information on the things to consider before transferring.

What you'll need before transferring

Get your policy numbers
We'll need the policy numbers of the pensions you'd like to transfer.

Your pension transfer value
This is the amount that can be transferred over from your other pension(s) into your Royal London Ireland policy. You can also confirm this by speaking with your other provider(s).

If awarded, ValueShare units will be added in April to your policy as long as your policy was active on 31 December in
the previous year and remains active on the date on which the ValueShare Award is given.

We will add ValueShare units in the same funds, in the same proportions, as your policy is invested in on the date that they are added. Once ValueShare units are added they cannot be removed and are subject to the same protections, terms, conditions and charges as the other units in your policy.

Take some advice

We’re big believers in the value of impartial advice to help you enjoy the best possible retirement outcomes. So, if you’re looking to make the most of your pension savings, we’d recommend talking to a Financial Broker.

If you don't already have one, you can find one here.

^{*Correct as at 31 March 2025 based on Royal London Ireland's research and understanding of the market.}