Questions to ask before transferring a pension

Scattered pensions feel untidy. Consolidation can reduce fees and make retirement income clearer — but only when the receiving scheme genuinely improves your position. Guaranteed annuity rates, final salary benefits, and exit penalties deserve a slow look.

Ask what you lose. Defined benefit schemes may offer inflation-linked income that no flexible drawdown account will match. Even some older personal pensions carry guarantees that disappear on transfer. If those features exist, we usually recommend keeping them unless a compelling reason says otherwise.

Ask what you gain. Lower ongoing charges, better fund choice, and clearer online access matter — but they must outweigh what you leave behind. A glossy brochure is not a reason to move.

Check exit fees and advice costs. A transfer that looks tidy on paper can cost several percent of the pot once penalties and advice fees are counted. We put those numbers beside the projected long-term saving before any recommendation.

If you have several small pots from short-term jobs, tracing them and comparing charges is often the right first step. Abbey Row can help you gather valuations and decide which, if any, should move.

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