Consolidate your pensions early
Don’t let lost and neglected pensions slow you down
Multiple pension pots giving you a headache?
On average, we get through 11 different jobs in our lifetime, and every job could mean a different pension.
If you're planning to access your hard-earned pension savings in the next few years, you don't want old-fashioned and underperforming pension pots to slow you down. Consider consolidating, and getting them ready, by transferring to a more modern service, like the Hargreaves Lansdown SIPP (self-invested personal pension). Find out more including charges.
More than a third of our drawdown clients have transferred a pension to our SIPP before they moved into drawdown. Giving them the chance to get everything ready and under control in advance.
Where to start?
Start by tracking down any old or lost pensions. Nearly 1 in 5 people have lost track of a pension. The government’s online pension tracing service could help.
Once you've made a list of all your pension pots, it's time to consider transferring underperformers, and any that don't allow you to access your pension the way you want to.
How to transfer
Two things before you start
Don’t forget to check you won’t lose any valuable guarantees or benefits by transferring, or have to pay excessive exit fees. It’s easy to check if you’re not sure – just contact your current provider.
Once we receive your transfer instruction, we’ll sort the rest. We’ll contact your current provider and organise everything with them. Most pensions can be transferred without filling out more paperwork and on average electronic transfers take just fourteen working days to complete.
We’ll transfer your pension as cash (unless you request otherwise), which means it won’t be affected by any stock market rises or falls for a period. Once your transfer is complete, you can choose your investments.
Why transfer to the HL SIPP?
Why transfer to your SIPP?
You'll be ready to access your pension how you want
Some pension providers don't offer all the retirement options and you might need to transfer so you can access your pension the way you want to.
We offer all the main options: drawdown, lump sums and an online annuity service.
Your SIPP gives you access to all the main options: drawdown, lump sums and annuities.
And if you have multiple smaller pensions, combining them under one roof could give them the chance to have a bigger impact on your retirement income.
And if you have multiple smaller pensions, bringing them all into your SIPP could give them the chance to have a lasting effect on your retirement income.
As you get closer to retirement you’ll want to be able to invest your pension in a way that suits how you want to access it when you retire.
For example, if you’re planning to buy an annuity you might want to invest in less volatile investments (like bonds). Alternatively, if you’re planning to use drawdown, you may want to start investing in funds that pay a high level of income. Unfortunately, some pension plans suffer from limited investment choice, making it harder to get your pension ready for retirement.
The HL SIPP gives you complete control and freedom. You can choose from thousands of shares and funds, so you can pick investments which suit your retirement plans.
Even if you don’t plan to retire for a while, improved investment performance can make all the difference to the size of your pension. For example, the difference between 2% and 5% investment growth on a pension pot of £200,000 over 5 years is a staggering £34,440.
Remember, investments can fall as well as rise so you could get back less than you put in.
If looking at retirement options, we strongly recommend that you seek guidance from Pension Wise, the government's free and impartial service.
Keep track of your pensions 24/7
As you near retirement, you’ll need to check your pension more often – one statement a year from your provider won’t be good enough. On average, our clients aged between 55 and 64 check their account 7 times a year.
If you want better oversight of your pension, our award-winning app allows you to manage your SIPP anywhere, anytime.