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Pension transfers explained

  • The reasons why you might want to transfer your pension
  • The serious risks that you face by doing so
  • The true cost of taking your pension early
  • Why you should avoid pension unlocking companies

What's in this guide

Advantages of switching pension provider

Which? explains the benefits of transferring your pension and how you could cut the cost of your pension.

Pension transfer pitfalls

Understand the risks of transferring your pension, the benefits you could lose and potential exit penalties.

Pension unlocking

Beware the risks of accessing you pension early, as you could be hit by high fees and huge tax charges.

Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.