It’s important to carefully compare your old and new pension providers before transferring your pots. Before combining pension pots, you’ll also want to think about some of the potential drawbacks. These include:
Pension transfer fees: First, you should check each pension plan’s fees. Each pension provider will charge a fee for managing your savings – the cost may be higher or lower depending on which savings plan you opted for. There may also be an extra charge when you exit your pension. Make sure you compare the different fees before submitting your transfer request.
Guarantees and benefits: Some pensions also offer special benefits or guarantees. Defined benefit pensions like these are a little more complicated to transfer and you’ll need to chat with an independent financial advisor before making a decision.
Between 4 December 2025 and 31 December 2025 at 11:59pm, we're offering a festive bonus based on the value of your pension pot transfer. Read the terms and conditions of this offer here.
Once you’ve read the offer terms, looked carefully at your current plan and weighed up the options, you’re ready to transfer your pension.
At Penfold, we do all the hard work for you. We can transfer all your pensions completely free – no matter how many you have, how small they are, or what provider you’re with. We streamline the entire process to make transferring a doddle.
It’s entirely online, requires no paperwork, and should only take 5 minutes. If you want to transfer existing pensions to Penfold, simply create an account and request a transfer today.
It’s important to compare providers’ fees and any guaranteed benefits when deciding on whether to transfer, and be sure that the investments available are suitable for you.
We may not accept defined benefit pension transfers. If you decide to close your Penfold account and the value of your pot has gone down, the amount returned to the provider may be less than what you originally transferred.
Investing always involves some risk. The value of your investment can go down as well as up, but the longer you stay invested, the more potential your money has to grow.