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Pension transfer advice searches triple - are you getting the right guidance?

When is a good time to get pension transfer advice, and when isn’t it worth it?
Man getting advise from a pensions expert.jpg

Important information - This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

From March 2024 to March 2025, searches for help with transferring or consolidating pensions more than tripled. Even by June, searches remain at more than double than last year.

The growing demand suggests a shift in how people are thinking about their retirement - with greater urgency, more awareness, and a clear desire to take control of their financial future.

Volatile markets could’ve also left many wondering whether their pension is in the right place, invested appropriately, or simply being left to drift.

To remedy this, should you bring all your pensions under one roof?

In some cases, transferring pensions can unlock more flexibility, reduce costs, and bring scattered pots together into one manageable plan. In others, it could mean losing valuable benefits or triggering unexpected fees.

This is where advice can come in.

This article isn’t personal advice. If you’re not sure whether transferring or consolidating your pension is right for you, please ask for financial advice. Pension and tax rules can change, and benefits depend on your individual circumstances.

Do you need financial advice to transfer a pension?

Under current UK pension rules, advice isn’t just helpful - in certain circumstances, it’s mandatory.

If you have a defined benefit pension (also known as a final salary pension) worth over £30,000, you are required by law to speak to a regulated financial adviser before transferring. These pensions offer a guaranteed income in retirement, and once transferred, the benefits are lost and can’t be replaced.

The same applies if your pension includes safeguarded benefits, like guaranteed annuity rates. If the total value is over £30,000, you must get financial advice before you transfer. Even if you're considering transferring to a Qualifying Recognised Overseas Pension Scheme (QROPS), advice might still be compulsory - especially if the pension contains any protected features.

Can I transfer my pension without advice?

Pensions with no guarantees attached (like a workplace defined contribution scheme or a personal pension) can usually transfer without advice.

They don’t carry the same complexities or protections as defined benefit schemes, so the process is generally more straightforward. But you should always check whether your current provider charges any exit fees or if there are penalties for transferring out.

These types of pensions are easy to transfer to HL. The quickest way to transfer is online - it only takes a few minutes. Once that’s done, we’ll handle the rest by contacting your current provider and keeping you updated every step of the way.

Why pension advice could be worth it before you transfer

Even if you’re not legally required to get advice, you might decide it’s worth speaking to an expert - especially if you're approaching retirement and want to make sure your savings and investments are working as hard as they can.

It’s why having a clear overview of your pension pots is crucial. You’ll want to understand exactly what you have, how it’s performing, and what your income options will be later.

Many assume moving a pension is always the best option, but you might need to consider things like the timing of your transfer, stock market movements and other personal circumstances. That’s where advice can really help. It can give you confidence, clarity, and control over your long-term retirement strategy.

Just remember that investments can rise and fall in value and you could get back less than you invest.

Why more people are looking to consolidate pensions

The average person changes jobs multiple times over their career. Each new job often comes with a new pension scheme and over time, it’s easy to lose track.

Consolidating all my old pensions into the HL SIPP has made it much easier to manage my retirement savings.

Holli, HL SIPP client

Bringing your pensions together can make it easier to manage your retirement savings, monitor performance, and reduce paperwork. It can also offer cost savings, especially if your old plans come with high fees or limited investment options.

Global stock market volatility driven by tariffs, inflation concerns, interest rate uncertainty, and geopolitical tensions, make it even harder for individuals to track and manage multiple pension pots scattered across different providers.

How HL can help

At Hargreaves Lansdown, we’ve supported thousands of clients who’ve taken control by transferring their pensions. We offer a flexible and transparent way to combine pensions into a single account - the HL Self-Invested Personal Pension (SIPP).

With the HL SIPP, you can see all your retirement savings in one place, choose from thousands of investment options, and take advantage of expert research, tools, and support.

Financial advice with HL

If you need regulated financial advice, our team is on hand to help. You can book a call back with our pension advice team to explore your options, the costs involved and understand whether a pension transfer or consolidation makes sense for you.

The conversation with our advisory team is to help you identify whether advice is right for you. but they’re not able to give personal recommendations at this point, but they will connect you to one of our expert financial advisors if you decide to go ahead.

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Written by
Isabel McDougall
Isabel McDougall
Pensions and Retirement Writer

Isabel specialises in all things pensions. She covers a wide range of topics, including the latest pension news and top tips for retirement planning. She joined HL in 2016 where she first developed her pension knowledge and passion for helping investors save towards their future.

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Article history
Published: 17th June 2025