Combining your pensions

Bringing your pensions together in one pot could help you manage your savings more effectively, however close you are to retirement. Discover the benefits and what you might need to consider when consolidating your pensions.

Why combine your pensions?

Changing jobs might be one of the reasons why you have one or more pensions you no longer pay into. It can become increasingly difficult to keep track of your investments or understand things like charges. This might leave you feeling confused or even worried.

Combining your pensions into one pot, like our Retirement Account from Scottish Widows, could make things easier for you as you wave goodbye to multiple statements from different providers – and say hello to a clearer view of your pension savings.

Pensions consolidation benefits

  • Easier to manage – With fewer pensions, it’s easier to keep track of your retirement savings. Plus, you could pay less in charges.
  • Less admin – There’s less paperwork to worry about, and fewer pension providers to talk to when you need help.
  • Clearer outlook – Having a combined pension can make it easier for you to understand what you can expect from your finances when you retire. That way, you can plan ahead for the retirement lifestyle you want.
2.8m lost pension pots in the UK

2.8m lost pension pots in the UK*


With most people changing jobs several times in their life, it's not surprising some get lost along the way.

Combining your old pensions could help you keep track of the different pensions you gather over time.

*Source: Lost pensions press release (PDF, 179KB) – 2022

When shouldn’t I transfer my pensions?

Transferring might not be right for everyone. Here are some things you may want to consider when thinking about combining your pensions.

  • You have benefits you don't want to lose – Some plans may have additional benefits that you would lose by transferring to a different provider. It’s worth checking what these might be.
  • You or your employer are contributing to your pension – If you transfer an existing workplace pension scheme, your employer will no longer pay into your pension pot.
  • If the charges and funds aren't right for you – It’s always a good idea to check what’s involved before moving your pension to a new account, as charges and investment options may differ.

There may be other reasons why transferring might not be right for you. We cover this in detail when you find out more about a pension transfer. If you’re unsure then we’d recommend that you speak to a financial adviser, who will normally charge you for this advice.

Why combine your pensions into a Retirement Account?

The Retirement Account is an award-winning personal pension from our retirement partners Scottish Widows and benefits from:

  • Competitive charges – the more you have in your pension pot, the lower the overall charge rate.
  • Simple investment solution – choose a ready-made investment solution to suit your needs.
  • Free to transfer in – we won’t charge you for transferring in or setting up your pension (your existing provider may charge you to transfer out).
  • Flexibility – to transfer in more pensions as you change jobs in the future.

Discover more about the Retirement Account

Why choose us?

Scottish Widows logo

200 years’ experience

Our retirement partners, Scottish Widows, have more than 200 years’ experience and remain one of the UK’s largest pension providers. They’re also part of the same group as ourselves.

Defaqto Personal Pension Award 2023  Defaqto Drawdown Award 2023

Award-winning product

5-star product rating for Personal Pension and Drawdown from Defaqto*, an independent financial ratings agency.

*Source: Defaqto Annual Product Ratings – April 2023

Lloyds Bank Mobile Banking App
Keep track on the go

Keep track of the value of your pensions without leaving the Lloyds Bank Mobile Banking App. You can see at a glance how much your total pension is worth – anytime, anywhere.

How to get started with combining your pensions

1. Find your pension details

First things first, you’ll need to find the details of your old pensions. This includes your pension providers’ names, policy numbers and a recent transfer value.

If you're not sure where to start or you want to locate an old pension pot, you can contact your past employers to help or use the government pension tracing service to find the details you need.

2. Find out how to transfer

Our 4-step process will show you everything you need to know about how a transfer works. We’ll guide you through each step from checking if you're eligible and if it’s right for you, to what to expect after completing your application.

Find out how to transfer

Frequently asked questions

More on pensions

Transfer your pensions

Self-Employed

Retirement Account explained