Decide whether to combine your old pensions

Use this guide if you have two or more pensions from past jobs or personal plans and wonder whether to bring them together. Have recent statements for each pension or login details for their online accounts ready. This guide gives general information, not advice; for complex cases or valuable guarantees, speak to a regulated financial adviser.

Step by step

1. Identify what type each pension is

   For each pension, find out whether it is a defined contribution (money purchase) pension, where you build up a pot, or a defined benefit (final salary or career average) pension, which promises a set income. This makes a big difference. Defined benefit pensions usually provide a guaranteed, inflation-linked income that is very hard to replace, and if the transfer value is above a certain level, the law requires you to take regulated financial advice before transferring. If you are unsure of the type, ask the scheme administrator in writing.