During your working life you may have built up pension pots with several employers. This can often make it hard to keep track of them all and manage them well. For simplicity, it can make sense to consolidate your pensions into one plan.
Consolidation is a way of combining them into one pension or retirement income product, depending on your current age and needs. We can also help you to trace old and forgotten pensions from previous employers, before you consolidate, which takes about 2 to 12 weeks.
Guide to pension consolidation
Download our guide to find out more about the benefits and considerations of consolidating your pensions. As well as answers to some commonly asked questions.
There is nearly £20 billion of unclaimed pensions from 1.6 million pension pots
Research shows that only 40% of employed people in the UK know where all of their pension details are
The UK is forecasted to have 50 million dormant and lost pensions by 2050
Find and contact your previous employers - using our own database. We’ll contact them to understand which of their pension schemes might have savings in your name.
Contact the pension providers - When we identify a possible pension scheme, we then check with the provider. We’ll use details you or the employers provided to handle this on your behalf. Meaning no lengthy paperwork or phone calls for you.
Keep you updated - If we find pension savings in your name, we’ll email you and display them in a secure dashboard, highlighting key information, such as guaranteed benefits or charges. This will make it easier for you to decide on next steps.
If you’re looking to combine your pensions to one place, to invest into one of our Legal & General Funds, or so you can continue paying into a single pension, we have a Personal Pension that could work for you. We’ll help find your old pension pots and move your eligible pension pots if it's right for you.
Some companies offer valuable guarantees, which can provide a higher income. You shouldn’t move these pensions, if these benefits and guarantees will be lost.
You should check that our management fees, fund options and fees are right for you. If the fees are lower in the pension you're planning to consolidate you could end up paying more in charges, which can have a significant impact on your pension over time. Our pension may not have the fund choices you want, so you should compare the investment choices to decide whether moving your pensions into one fund is the right option.
If you already have an active Legal & General Workplace Pension then you can consolidate into that pension.
If applying for the Personal Pension product
While your transfer takes place there could be a short period of time when your money isn’t invested. This is the time between when your old pension provider sells your investment units held with them and pays your transfer to Legal & General. If the market rises during this period, you may miss some investment growth. However, the opposite can happen if the markets fall.
Please remember the value of an investment is not guaranteed and can go down as well as up, you may not get back the amount you originally invested.
If you’re looking to just access your tax-free cash or to start getting a regular retirement income, our retirement income products could work for you. We'll help find your old pension pots, and if they’re right for you, you can apply for our retirement income products from the age of 55.
Find out more about our retirement income products
Some companies offer valuable guarantees, which can provide a higher income. You shouldn’t move these pensions, if these benefits and guarantees will be lost.Ready to consolidate
If you know where all of your pensions are and want to consolidate straight into a product then you can apply for one of our products directly.
If you’re looking to combine your pensions to one place, to invest into one of our Legal & General Funds, or so you can continue paying into a single pension, we have a Personal Pension that could work for you. Personal Pension>
Or if you're 55 and over, looking to get a retirement income or take tax-free cash, you could apply for one of our income products, if they suit your needs. Retirement income options>
Not all pensions can be consolidated into a Legal & General product using this service. You won't be able to consolidate the following:
- A pension that has safeguarded benefits;
- a Defined Benefit pension scheme (also know as a Final Salary)
- has a Guaranteed Annuity Rate (GAR)
- has a Guaranteed Minimum Pension (GMP)
- A pension in Income Drawdown or Flexi-Access Drawdown. This is where you've taken tax-free cash from your plan and left the rest of the money invested for you to take as regular or occasional income.
- A pension invested in a with profits fund.
- A Self-Invested Personal Pension (SIPP) with investments that need to be transferred in their current form ('in-specie') and not as cash.
- Any workplace pension that's currently active and receiving contributions from you and/or your employer.
If we find one of these pensions, we'll let you know immediately and mark the pension as ineligible for our consolidation service. We'll also share as much information on the pension with you including contact details for your provider.
Although you can’t consolidate these types of pensions using this service, if you apply directly for a guaranteed income product we may consider these types of pensions. For more information visit our product page.
Five simple steps
We'll need some basic information about you and agreement to proceed on your behalf.
Provide pension details
Some information will be needed on previous employment and pension providers to help us trace the pots.
We'll email you each time we find a pot and you can see details on each in your personal, secure, dashboard.
Choose a product
We'll share your product options with you, so you can choose which best suits your needs.
Once you’ve reviewed the information and made your decision you can apply to consolidate your eligible pots
Some other things to consider before consolidating
- Your current pension provider may apply exit penalties if you close your pension pot. In your own, secure dashboard we’ll show you any pension pots these apply to and also email you if the amount is more than £10.
- Before you register, we recommend you read the important information and documents for the product you’d like to consolidate your pension pots into. Each product has features and considerations that'll help you decide if it’s right for you.
- If you're uncertain about any of the risks or what the right decision is for you, then you should seek financial advice. You can find an independent adviser at Unbiased.co.uk
- Other providers may have more appropriate products or be able to offer a higher level of retirement income, so you may want to shop around before consolidating.
- Please remember the value of an investment and any income taken from it's not guaranteed and can go down as well as up, you may not get back the amount you originally invested.
Should I consolidate my pensions?
Can I consolidate my pension myself?
How much will consolidating my pensions cost?
Where can I find an adviser?
Can I cancel my consolidation?
What if I'm in a pension that my employer pays into?
The Government’s impartial retirement guidance for over 50s will help you avoid the risks and think about what’s right for you.
Connect to an independent financial adviser in your area through Unbiased.
The Government's Money Advice Service provides impartial advice and guides to help improve your finances.