Over longer periods of time (five years or more), investments such as stocks, shares and funds have the potential to give you higher returns compared to cash savings. But the value of investments can fall as well as rise. Eligibility criteria, fees and charges apply.
What you need to know
Thinking about transferring your pension? With 1 in 4 people in the UK holding multiple pension pots (Pensions Policy Institute, 2025), bringing them together could help you take more control of your savings for retirement.
This page will walk you through how pension transfers work, the benefits of combining your pots, how to find any old pensions you might have lost track of — and what to think about before you make a move.
Why you might want to transfer a pension
1. Everything’s in one place
One provider, one balance, one login.
2. Less admin
No more chasing up different statements or dealing with several customer service teams.
3. Simpler planning
You could make decisions about your investments or retirement age without juggling multiple accounts.
If you’re not sure whether combining is right for you, look at our guide on combining your pensions.
Finding your old or lost pensions
If you’ve had a few jobs, it’s easy to lose track of your pensions. The good news is, the UK Government has a free tool to help you find them.
You can use the Pension Tracing Service to search for old workplace or personal pensions by using your employer or provider name.
If you’d like some extra help, our step-by-step guide to tracing lost pensions can walk you through how to track them down.
Information Message
The information on this page does not constitute personal advice.
Is transferring your pension right for you?
It’s important to take your time before transferring your pension and to review what is the best option for you. Here are a few things to know and consider before transferring:
- Check for exit fees – Contact your current pension provider to see if you could face exit fees for transferring out your pension.
- Loss of benefits – Make sure you wouldn’t lose any valuable benefits such as guaranteed annuity rates, a lower protected pension age, or existing workplace contributions, for example.
- Compare fees – With Royal Bank Invest, the most you’ll pay is 0.55% of your investments per year. Check what fees your current provider offers and what this means for your plans.
- Get advice – We promote cash rewards at various times. Please take the time to decide whether transferring your existing products to Royal Bank Invest is right for you. Transferring a pension could be risky if you’re not sure whether you will lose any benefits. You might want to consider speaking to a financial advisor before transferring a pension.
- How your pension is transferred – For your pension to be moved to us, it will first need to be transferred to cash by your current provider so we can reinvest it into one of our funds. This means that the value of your pension will not go up or down with market changes for a short period as we complete the transfer.
Are there any types of pensions that I can’t transfer to Royal Bank Invest?
You can’t transfer a defined benefit pension (this includes final salary pensions) to us. If you’re thinking about transferring a defined benefit pension you should speak to a financial adviser.
You can transfer a defined contribution pension to us. This includes things like personal pensions and stakeholder pensions. However, there are some exceptions to this – we can’t accept transfers if:
- The pension scheme is provided by your current employer;
- You’ve started taking money from any of your pensions; or
- The pension is held following a pension sharing order.
How to transfer your pension?
Once you’ve got all the details of your pensions, transferring is usually straightforward. Here’s how it works:
1. Get your current details together
Note down the provider’s name, policy number, and current value for each pension. Check fees, investment choices, and any guarantees before you move.
2. Start the transfer
If you decide to transfer to Royal Bank Invest, we’ll contact your old provider and handle the process for you.
3. We’ll take care of the rest
We’ll begin the transfer and once the transfer's complete we’ll let you know. Sometimes your existing provider may ask for a bit of extra paperwork to complete the transfer, if this happens, we’ll let you know.
Ready to transfer your pension to Royal Bank Invest?
In summary, a Royal Bank Invest Pension is a long-term investment account designed to help you build money for retirement.
If you’re ready to apply, you must:
- be a Royal Bank of Scotland customer.
- be aged 18 or over.
- live in the UK.
Please take your time to read all the information above and decide if opening a Royal Bank Invest Pension is right for you. Not sure yet? We’ve put together an article on the pros and cons of combining your pensions to help you weigh up your options.
As a reminder:
- Currently you cannot take money out of your pension before age 55.
- Tax reliefs referred to are those applying under current legislation which may change. The availability and value of any tax reliefs will depend on your individual circumstances.
- The value of investments can fall as well as rise. There is a chance you may get back less than you put in.
- You may be charged an exit fee by your current pension provider when transferring your pension to us.
- Fees and charges apply.
Ready to transfer your pension to Royal Bank Invest?
In summary, a Royal Bank Invest Pension is a long-term investment account designed to help you build money for retirement.
If you’re ready to apply, you must:
- be a Royal Bank of Scotland customer.
- be aged 18 or over.
- live in the UK.
Please take your time to read all the information above and decide if opening a Royal Bank Invest Pension is right for you. Not sure yet? We’ve put together an article on the pros and cons of combining your pensions to help you weigh up your options.
As a reminder:
- Currently you cannot take money out of your pension before age 55.
- Tax reliefs referred to are those applying under current legislation which may change. The availability and value of any tax reliefs will depend on your individual circumstances.
- The value of investments can fall as well as rise. There is a chance you may get back less than you put in.
- You may be charged an exit fee by your current pension provider when transferring your pension to us.
- Fees and charges apply.