Consolidating your pensions

Most pension schemes will now allow you to move your pension pot to another pension scheme, which could be a new employer’s workplace pension scheme, a personal pension scheme, a self-invested personal pension (SIPP) or a stakeholder pension (SHP) scheme. You don’t have to decide straight away – you can generally do this at any time up to a year before the date that you are expected to start drawing retirement benefits.

In some cases, it’s also possible to move to a new pension provider after you have started to draw retirement benefits. Before taking any action, it is essential that you obtain professional, expert financial advice.

Moving to a new employer

When you leave one job to move to another one, you are treated as having left the workplace pension scheme, but you do not lose