Combine your pensions

MyFutureNow can help you transfer your other pension pots into your Legal & General Workplace pension plan.

Our service

Combine your pensions

You may have several different pension pots from different jobs you’ve had over the years. Managing multiple pensions can be difficult and it’s easy to lose track of what you have and where it is.

Our service helps you find and transfer eligible pension pots into your current Legal & General plan so you can see and control them in one place.

Why combine your pensions?

Depending on your circumstances, there are many reasons why combining your pensions can be a good idea. For example, you could:

  • Save money: charges may be lower.
  • Have more choice: investment options may be better.
  • Have more access and support: such as online access that helps you track and manage your investments in real time.
  • Save time: dealing with fewer pension providers can save valuable time whenever you want to make changes.

How it works

  • Provide some basic personal information to register and then confirm that you’re happy for us to contact your old employers and pension providers. Tell us what you can about your old pension pots and we’ll do our best to gather all the latest information on them.
  • We’ll notify you when we find a pension and tell you if you’re able to transfer it. Once you’ve reviewed the details and you wish to proceed we’ll start the process of transferring your eligible pension pots into your current Legal & General plan. We’ll keep you updated along the way and you can check the progress of any transfers on your dashboard.
  • We won’t charge you any fees for using the service. The normal annual management charge and the applicable fund management charges on your existing Legal & General pension pot(s) will apply to any pension pot(s) you transfer over. Please see you Member booklet and scheme documentation for more information. These can be found on your scheme website.

How it works

  • Provide some basic personal information to register and then confirm that you’re happy for us to contact your old employers and pension providers. Tell us what you can about your old pension pots and we’ll do our best to gather all the latest information on them.
  • We’ll notify you when we find a pension and tell you if you’re able to transfer it. Once you’ve reviewed the details and you wish to proceed we’ll start the process of transferring your eligible pension pots into your current Legal & General plan. We’ll keep you updated along the way and you can check the progress of any transfers on your dashboard.
  • We won’t charge you any fees for using the service. The normal annual management charge and the applicable fund management charges on your existing Legal & General pension pot(s) will apply to any pension pot(s) you transfer over. Please see you Member booklet and scheme documentation for more information. These can be found on your scheme website.

Important things to consider

The decision to transfer a pension may not always be a straightforward one. Whilst there can be advantages, there are risks that you need to consider too.
  • You should check if the fees and charges of your current Legal & General plan are higher or lower than your old plan. The charges that are deducted affect how your pension fund grows. Make sure that charges in your Legal & General plan justify transferring from your old plan.
  • Check if your old plan has any guarantees, protection or other benefits that you will lose if you transfer. For example protected tax-free cash, a protected retirement age or certain death benefits. We’ll let you know if any apply.
  • Check if there are any transfer penalties for leaving your old plan. We'll show you if one applies and if it’s more than £10 we'll also notify you.
  • Your current Legal & General plan may have features, conditions and retirement options that are different to your old plan, for example, investment choice. You should check that you’re comfortable with these.
Your transfer payment will be invested in the same investment fund or funds as your regular contributions in your current Legal & General plan. If you’re not currently paying contributions, your transfer value will be invested in the same proportions as your existing fund or funds. You should check that you’re happy with your transfer payment being invested like this and that the funds are suitable. You can change your investments at any time after the transfer is completed.
For further information we recommend that you read our Guide to pension transfers
We also recommend you read the important scheme documentation for your Legal & General plan before you decide to transfer. You can find them on your scheme website.
The value of your pension pot(s) isn’t guaranteed and can go down as well as up. Your pension savings will be invested in one or more investment funds.
It’s up to you to decide whether transferring a pension is right for you. If you’re unsure we recommend you speak to a financial adviser. You can find one in your local area at www.unbiased.co.uk
Pensions we may not be able to transfer
You may not be able to transfer a pension if any of the following apply:
  • Your old plan has benefits that are classed as safeguarded benefits;
    – You are in a defined benefit pension scheme (also known as ‘final salary’);
    – Your scheme has a guaranteed annuity rate (GAR);
    – Your scheme has a guaranteed minimum pension (GMP);
  • You are invested in a with profits fund.
If the above applies to your old plan we may accept a transfer if you have received financial advice and the outcome of that advice is a specific recommendation to transfer.
You may be able to transfer from a defined benefit pension scheme without advice if the value of your transfer is under £30,000. You should be aware of the risks of transferring from a defined benefit pension scheme and understand the consequences of doing so.
We won’t accept a transfer if your old plan is in Income Drawdown or Flexi-Access Drawdown. This is where you have taken tax-free cash from your plan and left the rest of your money invested for you to take as regular or occasional income.

Combine all your pensions in one place