Combining your pensions

If you leave a pension scheme, the pension pot you’ve built up still belongs to you. You normally have the option to leave it where it is, or you can move it to another pension scheme, such as the TPT Retirement Savings Plan.

Reasons why you might want to combine your pensions

  • Planning

    Moving your pension savings into one pot may make it easier to keep track of them, and to see what your total retirement savings amount to.

  • Investment performance

    Every pension scheme will have its own set of investment options and you should compare them with each other.

  • Range of investment funds

    One of your Schemes may offer access to a wider range of investment funds than another, or have funds more suited to your investment objectives. It’s worth taking time to compare them and think about what’s right for you.

  • Investment charges

    Some pensions have large management fees associated with their investments which can eat into the value of your pension. It would be worth taking a look at how the Scheme’s investments charges compare with those of your other pensions.

  • Get some help

    If you’re thinking about transferring a pension it’s a good idea to talk to a regulated financial adviser – they’ll go through the pros and cons with you and make sure that transferring is the best option for you. Find out more here.

Questions to ask before you transfer


The decision to combine your savings may not be a straightforward one. While there can be advantages, there are some points that you need to consider carefully. Here are some questions to ask before you transfer.


  • Are there any additional costs or penalties?

    TPT will not charge you for transferring a pension into the Scheme. But you should check whether you will be charged an ‘early exit’ charge or transfer fee for transferring your pension from your existing provider.

  • Are there any special features that you will lose if you transfer?

    Your other pension may offer valuable benefits that you’d lose if you transferred out. It’s good to find what these are before transferring. For example, final salary pensions have certain promises that you will no longer apply if you transfer out.

  • Will I lose the right take out my money at a certain age? (This is called a 'protected pension age')

    If you have a protected pension age through your other pension and may wish to take your benefits earlier than age 55, a transfer may not be right for you as you will lose this protection if you transfer.

  • Will I be able to move the savings from my old pension scheme to TPT?

    You’ll be able to transfer most types of pensions to your TPT savings pot. Here is a list of those we would not be able to accept:

    • Final Salary or defined benefit schemes
    • Retirement Annuity Contracts (RACs)
    • Pensions in drawdown

Why combine with TPT?

If you do decide you’d like to transfer your other pension’s to TPT, you can expect:

Great value
We have no shareholders, which means we’re run purely for the benefit of our members and can provide competitive fees.

Simple process
We’ll speak to your other pension schemes and manage the transfer process for you.

Online access
Once you’ve transferred, you can continue to use your online account to check on your pension pot, make changes to where it’s invested and update your personal details - all in one convenient place.

How does it work?

If you’re interested in combining your other savings with your retirement savings at TPT:

  1. The first step is to ask your previous pension provider(s) for a transfer out statement/pack. Complete our transfer details form - this includes all the details you’ll need to give to your previous pension provider. We’ll also need you to fill in our transfer in application form. You can send this form back to us using your online account – Contact TPT.
  2. Once you’ve confirmed that you are happy to transfer, and that we can contact your previous provider(s), we’ll work with them to transfer the funds.
  3. We’ll ask you about your preferred investment choice(s) and invest the amount transferred accordingly.
  4. We’ll let you know once the transfer's been completed!

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