Transferring your pension
Transferring to a UK pension scheme
You can transfer your UK pension pot to another registered UK pension scheme.
You can also use it to buy a ‘deferred annuity contract’ - an agreement that gives you a guaranteed income in the future.
Transferring your pension pot anywhere else - or taking it as an unauthorised lump sum - will be an ‘unauthorised payment’ and you’ll have to pay tax on the transfer.
Before you make a transfer
Contact your current pension provider and the provider you want to transfer to. You’ll need to check if:
- your existing pension scheme allows you to transfer some or all of your pension pot
- the scheme that you wish to transfer into will accept the transfer
If schemes are registered with HMRC for tax purposes, it does not mean they are endorsed by government.
Get help and advice before transferring your pension.
If you transfer your pension, you may:
- have to make payments to the new scheme
- have to pay a fee to make the transfer
- lose any right you had to take your pension at a certain age
- lose any fixed or enhanced protection you have when you transfer
- lose any right you had to take a tax free lump sum of more than 25% of your pension pot
Your pension providers can tell you whether any of these will apply.