Pension switch means transferring one or more schemes to a new provider. The principle is much the same as switching to a new bank account or energy provider.Other phrases used to describe pension switch: pension transfer

Why would I bother switching?
Your pension could have a big part to play in how you live your life in the future. And if it is not currently working how you need it to, then simply sticking with what you have got could create issues further down the line.
There’s plenty of time left, can’t I leave checking my pension for another day?
Making small changes to your pension now could make a huge difference to your future. For example, let’s say you could save 1% a year on your pension’s annual management charges but you decide to put off switching for a year – that’s over £520 potentially gone1. Put it off for five years and you could lose over £3,100. Leave it for 20 years and you could have lost a whopping £27,057. The simple fact is the sooner you fix a leaky pension, the better.
So, basically it’s all about how much I am being charged?
The fees you are being charged is just one aspect. Pensions are complicated products with many different elements and it’s all about getting the right balance for you. For example, your pension could currently be shrinking, rather than growing, because of the way it is invested. Or, you might not be able to leave any remaining funds to a loved one when you die – which is far from ideal if this is what you want to do.
Can I switch any kind of pension?
You can switch all private pensions and most employee pensions. You do need to be careful if you are thinking about switching a final salary company pension. These types of schemes generally come with guaranteed benefits when you retire, which you would lose if you were to switch. You cannot switch out of unfunded public sector schemes which cover organisations and professions including the NHS, teachers, armed forces and the police.

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There seems to be a lot to consider, I think I’ll stick with what I’ve got
Being completely frank, sticking with what you have got could seriously undermine your plans for the future. Alternatively, it could be absolutely the right decision for you. The issue is not knowing and when it comes to something as important as your pension, is this a gamble you are willing to take?
There seems to be a lot to consider, I think I’ll stick with what I’ve got
Being completely frank, sticking with what you have got could seriously undermine your plans for the future. Alternatively, it could be absolutely the right decision for you. The issue is not knowing and when it comes to something as important as your pension, is this a gamble you are willing to take?
Your questions answered
What to look out for?
Is the company regulated?
What will it cost you?
Do you know if you will be giving up any benefits?
If you switch your pension, how will your savings be invested?
How will your pension be managed over time?
4 ways a pension transfer could benefit you
Increased growth and reduced fees are just two benefits you could be missing out on by staying put with your current pension. However, transferring from a fund that is performing well could be the wrong decision. Find out the benefits of pension transfer and the reasons why it is important to always take advice first.