Can I Transfer My Pension to My Current Employer?

If you’ve worked for multiple employers throughout your career, it’s likely you have several pension pots sitting with different providers. You might now be wondering:

“Can I transfer my old pensions to my current employer’s scheme?”

The answer is yes - in many cases, transferring a pension into your current workplace scheme is possible.

But should you? That depends on the scheme, the value of your existing pensions, and your long-term retirement goals.

In this blog, we’ll explain how pension transfers into employer schemes work, when it makes sense to do it, what to look out for, and how to start the process.

Can I Transfer an Old Pension to My Employer’s Pension Scheme?

Yes, most defined contribution (DC) workplace pension schemes do accept transfers in from other pensions.

That means if you’ve got old pensions from previous jobs or personal pensions held elsewhere, you can request to consolidate them into the pension offered by your current employer.

However, the decision to accept a transfer is up to the pension provider and scheme rules. Not all workplace schemes allow it, and not all old pensions are eligible.

It’s important to confirm:

• Whether your current provider accepts transfers in

• Whether your old pensions are compatible with the scheme

• What fees, charges, or risks might apply

What Types of Pensions Can Be Transferred?

Typically, the following pensions can be transferred into your employer’s scheme:

• Old workplace pensions (defined contribution)

• Personal pensions (stakeholder, SIPP, etc.)

• Other defined contribution schemes

In most cases, you cannot transfer in:

• Defined benefit (DB) pensions, unless first converted to a DC pension

• Annuities

• The State Pension

• Pensions that are already in drawdown (depending on the provider)

If your pension includes guaranteed benefits (such as a guaranteed annuity rate or protected tax-free cash), transferring it to a workplace scheme could mean losing those advantages.

Why Transfer a Pension Into Your Employer’s Scheme?

There are several good reasons to consider consolidating your pensions into your current workplace plan.

1. Simplicity

Managing multiple pensions across different platforms can be frustrating. Transferring them into one scheme helps:

• Streamline your finances

• Track your retirement savings more easily

• Reduce paperwork and forgotten pension pots

2. Lower Fees

Your current workplace pension may offer institutional investment rates, which can be significantly cheaper than fees charged on older personal pensions or legacy workplace schemes.

3. Consolidated Investment Strategy

By bringing all your pension funds under one roof, you can:

• Apply a consistent investment approach

• Easily adjust your portfolio as your retirement nears

• Avoid conflicting asset allocations across different providers

4. Employer Contributions Stay Unaffected

Your ongoing pension contributions and employer matches continue as normal, while the transferred funds simply get added to your pension pot under the same umbrella.

5. Easier Access at Retirement

Having everything in one place makes it easier to manage drawdown, annuity decisions, or tax-free lump sum withdrawals when you retire.

When Should You Avoid Transferring to an Employer Scheme?

Not all transfers are beneficial. Here are some scenarios where you might want to avoid it.

1. Your Old Pension Has Better Investment Options

Some personal pensions and SIPPs allow a wide range of investments, including individual stocks, commercial property, and specialist funds. Your employer’s scheme might be more limited.

2. You Have Protected Benefits

You could lose valuable features by transferring:

• Guaranteed Annuity Rates (GARs)

• Protected tax-free cash allowances

• Early retirement options

• Enhanced death benefits

These may not be replicated by the new scheme.

3. Your Employer’s Scheme Has Higher Fees

While newer employer schemes are typically cost-effective, this isn’t always the case. Always compare the total ongoing charges before deciding.

4. You Plan to Access Your Pension Soon

If you’re nearing retirement and plan to enter drawdown soon, it may make more sense to transfer to a personal pension that supports flexible income options.

Not all employer schemes support flexi-access drawdown, which could limit your retirement planning options.

How to Transfer a Pension Into Your Employer’s Scheme

If you’ve decided to go ahead, here’s how the process typically works.

Step 1: Contact Your Employer’s Pension Provider

Ask your HR department or pension provider directly whether transfers in are accepted. If so, they’ll usually provide:

• Transfer request forms

• Details of the transfer process

• A list of eligible pension types

Some providers allow online transfers, while others use paper-based processes.

Step 2: Get a Statement From Your Old Provider

Contact the provider of the pension you want to transfer and request a:

• Transfer Value Statement

• Fund breakdown

• Exit charges (if any)

This will show you exactly what you’d be moving.

Step 3: Compare Charges and Investment Options

Before transferring, compare:

• Annual management charges

• Fund performance and flexibility

• Retirement access options (e.g. drawdown support)

• Potential loss of features or benefits

Make sure the benefits of transferring outweigh any lost features.

Step 4: Complete the Transfer Forms

You’ll likely need to:

• Complete a transfer-in form from your employer’s provider

• Authorise the movement of funds

• Confirm that you’re not giving up protected benefits (or sign a waiver if applicable)

Once completed, your employer’s provider will handle the transfer on your behalf.

Step 5: Receive Confirmation

You’ll get confirmation when the transfer is complete, and your pension balance will increase by the transferred value.

How Long Does a Pension Transfer Take?

A pension transfer into your employer’s scheme usually takes two to six weeks, depending on:

• The efficiency of your old provider

• Whether ID verification or extra forms are needed

• Whether the transfer is cash or in-specie

Staying in touch with both providers can help avoid delays.

Tax and Legal Considerations of Pension Transfers

• A transfer between registered UK pension schemes is usually tax-free

• You are not drawing income - you’re simply moving your pension, so this does not affect your tax position

• The transfer will not trigger the Money Purchase Annual Allowance (MPAA)

• You can continue to contribute normally to your employer pension after the transfer

Should You Transfer or Keep Old Pensions Separate?

That depends on the quality of each scheme. In some cases, it may make sense to keep a high-performing SIPP or a pension with valuable guarantees separate.

In other cases, especially if your old pensions are small, underperforming, or costly to manage, it makes perfect sense to consolidate them into a single, efficient workplace pension.

How Belgravia Capital Wealth Management Can Help with Pension Transfers

We help clients understand:

• Whether their employer’s pension scheme is the best home for their old pensions

• What benefits or guarantees might be lost in a transfer

• Whether keeping some pensions separate is smarter

• How to compare investment options and charges

• What the long-term tax and income implications are

Our role is to help you optimise your entire retirement picture, not just tick the box of consolidation.

So, can you transfer a pension to your current employer?

Yes, in most cases. And often, doing so can bring real benefits: lower fees, better oversight, and easier access in retirement.

But the key is to compare your options properly, avoid losing valuable benefits, and make a decision that fits your overall financial strategy, not just one that seems simpler on the surface.

If you’re unsure, it’s always wise to seek regulated financial advice.

Speak to a Pension Transfer Expert Today

Want to know if transferring your pension into your employer’s scheme is the right move? We’ll help you assess the pros, the cons, and the long-term impact on your retirement goals.

Email us at contact@belgraviacapital.co.uk

Belgravia Capital Wealth Management—smart, strategic retirement planning tailored to you.