@101 the simplest way would be to transfer all of your existing ones to one new pension, probably a SIPP in your name. Employer matches usually only work with workplace pensions - ie the one managed by you/your gfâs employer. (Obviously maximise the employer match because itâs free money for futureyou, but todayyou knew that already.)
But.
Your old pensions (whether theyâre defined benefit or not) may have âspecial featuresâ, which might be bad like chunky exit costs or good like guarantee future annuity rates. So you need to find out about those before you decide whether to transfer or not - as @kenny and @john said it might be worth staying put to avoid losing certain benefits. Annoyingly, special features are not always detailed in your pension statement, so you have to ask your provider.
You could have a pension review with an IFA (if you have a defined benefit pension of over X - I forget how much, sorry - youâll have to do this before transferring). The last IFA quote I got to do this was ÂŁ900.
But I didnât want to pay the ÂŁ900 so instead I asked my existing pension provider these questions:
- Can I transfer my pension out of YourPensionCo? (There can be restrictions on which pensions you can transfer.)
- What is the âtransfer valueâ of my pension? (If itâs the same as your pot value, itâs unlikely youâll be charged a fee when you transfer.)
- Are there any disadvantages for me if I transfer?
- What fees would I have to pay if I transfer?
- Will I lose any âspecial featuresâ?, eg guaranteed annuity rate, protected tax-free cash, protected low pension age guarantees, waiver of contribution, life assurance benefits, accidental death benefit in addition to death payment, any self-investment option, etc.
- Will I lose any rights related to protected tax-free lump sums?
The answers will help you work out whether transferring is a good idea or not. If it is, a co like PensionBee can help make it happen, but the forms are very doable for an ex-pensions advisor 