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🏢 Employer Pension Transfer

Transfer Your Employer Pension After You Leave

When you leave an employer, your pension stays behind. You can leave it there, transfer to your new employer's scheme, or move it to a personal pension or SIPP. The right choice depends on fees, investment options, and your circumstances.

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What Is an Employer Pension Transfer?

An employer pension transfer involves moving pension savings you have built up in a former employer’s workplace pension scheme to a different arrangement, such as a SIPP, another workplace pension, or a personal pension. Since auto-enrolment became mandatory in 2012, millions of workers have accumulated pension pots with employers they no longer work for.

When you leave a job, your pension contributions stop but the pot remains invested with your old employer’s pension provider. Over a career, this can result in multiple deferred pension pots scattered across different providers, each with different fees, investment options, and terms. Transferring these to a single arrangement can simplify management and potentially improve your retirement outcome.

Whether transferring makes sense depends on the type of pension, the fees being charged, and whether the old scheme has valuable features worth preserving. Key considerations include:

  • Scheme type – if your employer pension is a defined benefit (final salary or career average) scheme worth over £30,000, regulated advice is mandatory before transfer. Defined contribution pensions can generally be transferred without this requirement.
  • Fee comparison – older employer schemes may charge higher fees than modern alternatives. Since 2015, the charge cap for auto-enrolment schemes is 0.75%, but older schemes are not subject to this cap and may charge 1% to 2% or more.
  • Employer contributions – you cannot transfer a pension you are currently paying into with your employer. Transfers are only possible for deferred pensions from previous employers.
  • Guaranteed benefits – some employer pensions offer guaranteed annuity rates, guaranteed minimum pensions, or protected tax-free cash that would be lost on transfer.
  • Investment options – workplace pensions often have a limited range of investment funds. Transferring to a SIPP opens up access to thousands of funds across global markets.
  • Exit charges – the FCA has capped exit charges at 1% for pensions still in accumulation. Many modern schemes have no exit charges at all.
Key fact: The Association of British Insurers estimates there are around 3.3 million deferred workplace pension pots worth less than £10,000 in the UK. The government’s planned automatic consolidation programme aims to reunite people with these small, forgotten pots.
Transfer Comparison

Old Employer Pension vs Modern SIPP

Compare the features of a typical old workplace pension against a modern SIPP to see whether transferring could benefit you.

FeatureOld Employer PensionModern SIPP
Annual charges0.75%–2% typical0.15%–0.45% typical
Investment choiceLimited to scheme fundsThousands of funds, ETFs, trusts
Online accessVaries by providerFull online dashboard and app
Drawdown optionsMay need to transfer at retirementFull flexi-access drawdown
Employer contributionMay include employer match (if active)No employer contribution
Death benefitsVaries by schemeFull pot to nominated beneficiaries
Important: Before transferring any employer pension, check whether it has defined benefit elements, guaranteed annuity rates, or other valuable features. A seemingly straightforward workplace pension may contain hidden benefits that could be worth tens of thousands of pounds over your retirement.
Who Is It For?

Who Benefits from Employer Pension Transfer Advice?

Transferring an employer pension is common but should always be considered carefully. Here are typical situations.

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Changed Jobs Recently

You have left an employer and want to move your workplace pension to a provider you know and trust, or consolidate it with other pension savings you already have.

Compare fees and benefits before transferring
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High Fees on Old Scheme

Your old employer’s pension charges more than 1% per year and offers limited investment options. A modern SIPP or pension platform could save you significant money over time.

Calculate the long-term impact of fee savings
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Multiple Employer Pensions

You have accumulated several workplace pensions from different employers and want to bring them all together for easier management and retirement planning.

Review each pension for hidden benefits before consolidating
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Want Better Investments

Your old employer pension only offers a handful of funds with mediocre performance. You want access to a wider range of investments to improve your retirement prospects.

Ensure new investments match your risk tolerance
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Planning for Retirement

You are within 10 years of retirement and want all your pensions in one place to plan your drawdown strategy effectively and coordinate tax-efficient withdrawals.

Start consolidation well before retirement
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Lost Track of Old Pensions

You changed jobs years ago and cannot find the paperwork for your old workplace pension. An adviser can trace it and help you decide whether to transfer.

Use the Pension Tracing Service or get professional help

Want to transfer your employer pension?

Get matched with an FCA-regulated adviser who can review your old workplace pension and recommend whether a transfer makes sense. Free, no obligation.

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Costs Explained

How Much Does Employer Pension Transfer Advice Cost?

Costs depend on whether your employer pension is defined benefit or defined contribution.

£500–£3,000
Initial Transfer Advice
For DC pensions, a review and transfer recommendation typically costs £500 to £1,000. For DB employer pensions worth over £30,000, mandatory transfer advice costs £1,500 to £3,000 or more due to the specialist analysis required.
0.5%–1%/year
Ongoing Management
Annual fee for ongoing investment management if you transfer to a managed SIPP. This is optional – you can choose a self-managed SIPP and handle investments yourself, though professional management is recommended for larger pots.
Worth knowing: Through PensionHelper, our matching service is free with no obligation. For many people, the fee savings from transferring an expensive old employer pension more than cover the cost of advice within the first year or two.
Simple Process

How It Works

1

Tell us about yourself

Quick questions about your pension situation. Done in 60 seconds.

2

Get matched with an adviser

We connect you with an FCA-regulated pension specialist suited to your needs.

3

Receive your advice

Your adviser reviews your situation and recommends the best course of action.

Real Reviews

What Our Customers Say

Chris P.
Chris P.
Berkshire • Employer Pension Transfer
★★★★★
“Fees halved overnight”

My old employer pension was charging 1.6% a year with poor fund options. The adviser transferred it to a SIPP charging 0.35%. On a £95,000 pot, that saves me over £1,100 a year in charges.

Rachel H.
Rachel H.
Nottinghamshire • Employer Pension Transfer
★★★★★
“Found a hidden gem”

I was about to transfer my old workplace pension when the adviser spotted a guaranteed annuity rate of 11%. She recommended keeping it and transferring my other pensions instead. That GAR is worth thousands.

Simon G.
Simon G.
Manchester • Employer Pension Transfer
★★★★★
“Four pensions into one”

Had workplace pensions from four different jobs. The adviser reviewed each one, transferred three to a SIPP, and kept one that had protected benefits. Everything is much simpler now.

Nicola B.
Nicola B.
Bristol • Employer Pension Transfer
★★★★★
“Easy process throughout”

I was worried transferring would be complicated but the adviser handled all the paperwork. The funds were moved within a month and I can see everything on one app now.

Graham T.
Graham T.
Cambridge • Employer Pension Transfer
★★★★★
“Better investments, better returns”

My old employer pension had me in a default fund returning 3% a year. After transferring and adjusting my investments with the adviser, my portfolio is much better diversified and performing well.

Julie M.
Julie M.
Glasgow • Employer Pension Transfer
★★★★★
“Retirement planning finally possible”

With all my old employer pensions in one place, the adviser was able to create a proper retirement plan. I now know exactly what income I can expect at 65 and what I need to save between now and then.

Learn More

Related Guides

Explore our guides for more information on employer pension transfers.

Workplace Pension Transfers

Moving your workplace pension

Pension Consolidation

Combining multiple pensions into one

Old Pensions

What to do with old pension pots

SIPP Transfers

Transferring to a SIPP explained

Small Pension Pots

Options for small employer pensions

Pension Transfer Guide

Complete guide to UK pension transfers
Got Questions?

Employer Pension Transfer: Frequently Asked Questions

Yes, you can transfer a deferred employer pension (one you are no longer contributing to) to a SIPP. If the employer pension is a defined benefit scheme worth over £30,000, you will need regulated financial advice before transferring. DC pensions can usually be transferred without this requirement.
Contact your new pension provider (or a SIPP provider) and ask them to initiate the transfer. You will need your old scheme details including the provider name, policy number, and scheme name. Most providers have a straightforward transfer process and will handle communication with your old provider.
Potentially. Some employer pensions have valuable features like guaranteed annuity rates, protected tax-free cash above 25%, or guaranteed minimum pensions. These are typically lost on transfer. An adviser should check for these benefits before recommending a transfer.
DC pension transfers typically take 2 to 6 weeks, depending on the providers involved. Some older or larger schemes can take longer. DB pension transfers take significantly longer, often 8 to 16 weeks, due to the mandatory advice requirement and scheme administration processes.
Generally no. You cannot transfer a pension you are currently paying into with your employer. The transfer option is only available once you have left the employer and the pension becomes deferred. Some schemes allow partial transfers of additional voluntary contributions (AVCs).
Most modern workplace pension providers do not charge exit fees. The FCA has capped exit charges at 1% for pensions in accumulation. Some very old schemes (pre-2001) may have higher exit penalties. Your old provider must disclose any charges before you proceed.
For DC pensions, your money is held separately from the company and is safe if the employer fails. For DB pensions, the Pension Protection Fund (PPF) steps in to protect benefits if the employer becomes insolvent, though benefits may be reduced for deferred members to 90%.
It depends. If the old scheme has low fees, good investment options, and no valuable guaranteed benefits, transferring may not offer significant advantages. However, if fees are high, options are limited, or you want to consolidate for easier management, a transfer could be beneficial.
Often yes, if your new employer’s pension scheme accepts transfers in. This can be a simple way to consolidate without needing a SIPP. However, you should still compare the two schemes’ fees and investment options before deciding, as your new scheme may not necessarily be better.
Since April 2015, workplace pensions used for auto-enrolment must have a charge cap of 0.75% of funds under management. This protects people from high fees in default arrangements. However, the cap only applies to auto-enrolment qualifying schemes – older employer pensions may charge significantly more.
For DC employer pensions, you do not legally need advice, though it is recommended for larger pots or complex situations. For DB employer pensions worth over £30,000, you are legally required to obtain advice from an FCA-regulated pension transfer specialist before transferring.
A deferred pension is a workplace pension from a previous employer where you are no longer making contributions. The pension remains invested and will be available when you reach retirement age. You have the option to leave it where it is or transfer it to another pension arrangement.
If your employer pension pot is worth £10,000 or less, you may be able to take it as a small pot lump sum, regardless of your age (as long as you are over 55). The first 25% is tax-free and the rest is taxed as income. You can take up to three small pot lump sums from different pensions.
No. Transferring between pension pots is a tax-neutral event – no tax is triggered. The tax relief you have already received stays with the pension pot. Your future tax position when you access the pension in retirement will be the same regardless of which provider holds it.
Your old pension provider should send you an annual statement showing the current value. If you have lost contact, you can call the provider directly using the details on your last statement. The government’s Pension Tracing Service can help locate the provider if you have lost all paperwork.

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