Important information - SIPPs are a type of pension for people happy to make their own investment decisions. If you’re thinking about transferring, check you won't lose valuable guarantees or benefits or have to pay excessive exit fees. You can normally only access the money in a pension from 55 (rising to 57 from 2028). This website isn’t personal advice, if you’re not sure what’s suitable for your circumstances, please seek financial advice.
What is pension consolidation?
Pension consolidation is also known as combining or transferring pension pots by bringing them together under one roof.
You’re likely to have more than one pension pot if you’ve had more than one employer, and there are a lot of pension types, each with different rules, features and benefits. Consolidating your pensions is a good way to take control of your pension savings - particularly as you approach retirement.
Should I consolidate my pensions?
Depending on your needs and the kind of pension you have, it could make sense to consolidate and transfer your pension pots to one easy-to-manage account, like the HL Self-Invested Personal Pension.
Less hassle and more time - You’ll only have one set of login details to remember, and one provider to deal with.
Easy management - You can access your statements online, make changes to all your investments and income choices quickly and take advantage of new opportunities easily.
A clear overview - You’ll know exactly where you’re invested and how much retirement income you can take.
Reduced costs - Having only one provider could reduce the overall fees you pay.
How to consolidate pensions
First check that you’ve found any lost or old pensions. Then make sure you’ve checked all the costs and that you won’t be giving up any valuable benefits or guarantees by transferring.
The final step is to apply to transfer. You'll typically need to confirm your pension value, policy number and the name of your existing provider.
The benefits of combining multiple pensions with HL
Our award-winning Self-Invested Personal Pension (SIPP) has a lot to offer if you want more control and choice.
Invest how and where you want - You can pick your own investments, select one of our ready-made portfolios, or pay a financial adviser to choose investments for you.
Easy-to-use online account - You can check your pension whenever you like, online and with the award-winning HL app.
Flexibility at retirement - Some older providers offer limited options for taking an income from your pension. With the HL SIPP, you’re free to choose from all the main retirement options.
Peace of mind - We’re trusted by over 2 million clients. We have over 40 years’ experience in empowering people to save and invest for a brighter future. And have won over 200 awards, including Best Pension Provider 2022 by ADVFN Financial Awards.
Expert help is only a phone call away - Get ongoing support from our UK-based helpdesk and the answers to your questions no matter how big or small.
It's free to transfer a pension to us
Your current provider may charge exit fees though, so it’s worth checking with them first.
Our annual charge for holding investments is never more than 0.45%. But some investments will have their own charges. See our full list of charges, including dealing fees.
How to transfer a pension to HL
The fastest way to transfer a pension to your HL SIPP is online. Alternatively, you can transfer by post.
1. Complete a transfer application
If you’re not already an HL client, you’ll be asked to create an account online.
As part of this process, you’ll need to read through our Terms & Conditions (including charges), Key Features and important information.
2. Let us take care of the rest
We’ll contact your current pension provider and start your transfer, and keep you updated along the way. You’ll receive your HL client number in the post.
3. Transfer complete
We’ll let you know once your transfer is complete.
While your transfer is taking place, it’s unlikely you’ll be able to make changes to your investments. This can mean missing opportunities to buy or sell. If your investments are sold and transferred as cash, you’ll be out of the market until your transfer completes. If markets fall, this will work in your favour. But if markets rise, you’ll miss out on those potential gains.
Get advice on your retirement plans
Retirement is a time when you may feel unsure about what to do with your money and need help to make decisions.
Our financial advisers can work with you to plan your retirement income strategy. They can also make sure your investments match your goals and give you advice on when and how to take your pension.
Pension consolidation FAQs
Most pensions give a range of investment options, but these can often be restricted to a small number of funds from a few companies. Whilst all investments can rise and fall in value, consolidating into a pension scheme with a wider investment choice could help to diversify your portfolio and enable you to take advantage of new or promising opportunities as they develop. As a bonus, you can also choose investments that match your values, and support the brands you trust.
As with any pension it’s important to review your investments regularly and make changes when necessary, which is why 24-hour access is also important. The better your investments perform, the more your pension could be worth in the future. But there’s no guarantee with any pension that you’ll get back as much as you pay in.
If you’re looking for a wide range of investment options, you could consider transferring to the HL Self-Invested Personal Pension (SIPP). Before transferring, please check for exit fees, and that you won't lose valuable guarantees or benefits.
Any pensions with valuable benefits and guarantees are usually best left where they are. Examples of these include defined benefit and final salary schemes. Guarantees are usually lost on transfer, meaning you might miss out on a potentially valuable benefit.
You should check your paperwork and speak to your current pension providers if you’re not sure what type of pension you have. If you do have a pension with guarantees, it's likely that you'll need to get advice from a regulated financial adviser before you can transfer.
Employers don’t usually agree to continue pension contributions into a pension held elsewhere. So, if your employer is still paying into your pension it usually makes sense to leave it where it is. But once you’ve left that employer, or if they’ve stopped paying in, you’re under no obligation to stick with the same provider.
If you think you might have an old pension somewhere, but you’re not sure what the details are or who the provider is, the government’s free pension tracing service can help. Before using the service try to collect as much information as you can, including your old employer’s name, how long you worked there, the company’s last known address etc.
Yes, combining pension pots might help you save money. If you have multiple pensions with lots of providers, it’s likely you’ll be paying management fees with each different company you hold a pension with. Consolidating them into one pension (like the HL Self-Invested Personal Pension) could mean just one set of fees to pay, and one provider to deal with.
If you’re part of a defined benefit (DB) pension, such as a ‘final salary’ scheme, combining your pension into a personal pension (like a SIPP) is probably not in your best interests. These pensions not only give you a guaranteed income, they also normally offer benefits to a spouse or partner once you die. You might be able to transfer, but if the transfer value is more than £30,000 you’ll have to take advice from a regulated financial adviser. If you’d like to transfer to HL, you’ll also need to provide proof that the advice is in favour of transferring.
If your pension is transferred as cash, this means your provider will sell your pension investments, and transfer the cash amount. You will not be invested during the transfer, so you will not make losses or gains. You can buy investments once the transfer is complete. This usually takes 2-4 weeks where the transfer takes place electronically, although some transfers can be complex and take longer. Timeframes also depend on actions from your existing provider. We will keep you updated throughout the transfer process.
If your pension is transferred as it is (invested in the stock market), your provider will transfer each investment and any cash. If you hold an investment that we don’t offer, we’ll contact you during the transfer to confirm your preference. This type of transfer can take several weeks, depending on your investments and provider. You stay invested during the transfer, so could make gains and losses. Usually, you cannot trade until the transfer completes.
No, you’re unable to combine your pension pot with your partner’s. However, if you both hold your pensions with HL, you can view and manage your family’s HL accounts from your own login.
Pension Essentials
6 pensions you shouldn't transfer
Some pensions are typically better off left where they are. We explain what kind of pensions these are likely to be and how to find out if you have one.
Should I transfer my pension?
We explore whether transferring a pension could be the right choice for you and outline the steps involved.
We've won over 200 awards for our services
Best Buy Pension 5 years running
- Boring Money Best Buys 2025
Best for Customer Service
- Boring Money Best Buys 2025
Best UK Pension Provider
- Investing in the Web's Global Broker Awards 2024
Help and support
Take a look at our most frequently asked questions for quick answers.
If you need more assistance or have specific questions, please contact us.