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Want to move an old pension into Thrive?

If you’ve had more than one job, chances are you’ve got a few different pensions dotted around. Combining them into one pension account can make things easier to manage and possibly cheaper too.

Here’s what to consider and how it works.

Why combine your pensions?

  • Everything in one place. See all your pension savings together. Easier to manager, easier to plan. 

  • Less admin. One account, one sign in, one set of updates to keep track of.

  • Lower fees. Fewer providers could mean fewer charges, so more of your money stays invested for your future.

  • Sustainable investing. Your savings can support a fossil fuel free fund and help the planet as they grow.

How to transfer a pension into Thrive

We’ve teamed up with Pension Lab to make it easier to track down and combine your old pensions.

  1. Sign in to your Thrive employee app.

  2. Go to ‘Combine pensions’ and follow the steps.

  3. You’ll be taken to Pension Lab, where you can find your old pensions and choose whether to transfer them in.

Transfers made through Pension Lab can be any amount. For manual transfers, the value needs to be over £100.

Things to check before you transfer

Some pensions come with special features or guarantees that you could lose if you move them. It’s important to understand what you’re giving up and in some cases, you’ll need to get financial advice before you transfer.

Here’s what to look out for:

1. Safeguarded benefits

These are guarantees built into older-style pensions like guaranteed income at retirement or defined benefit schemes. If your pension has these and is worth more than £30,000, you’ll need to get advice from a qualified financial adviser before you can transfer.

2. Protected benefits

These can include higher tax-free cash or access to your pension before age 55. If your old pension has these protections, they could be lost when you transfer unless strict conditions are met.

3. With-profits investments

These are long-term investments that smooth out short-term market dips and sometimes offer guaranteed returns. If your old pension includes these, you’ll need to complete a declaration and may also need financial advice.

4. Exit fees

Thrive and Smart Pension, our pension partner, won’t charge you to transfer in, but your current provider might charge you to leave. It’s worth checking so you’re not caught off guard.

Pensions from outside the UK

We can only accept transfers from UK-registered pension schemes or certain overseas schemes that qualify (QROPS). If your pension is held overseas, make sure you understand the local rules and whether it can legally be transferred to the UK. You can find the list here. 

Where will your pension be invested?

If you transfer a pension into Thrive, it’ll be invested the same way as the rest of your savings.

Want to make a change? You can update your investment choices anytime in your account settings. Find out how.

If for any reason we can’t accept the transfer, we’ll let you know and explain why.

Need help deciding?

Transferring a pension is a big step and it’s worth getting support before you go ahead.

You can book a free session with a financial coach through your Thrive app. They’ll help you understand your options and feel confident about your next move.

If your pension includes guaranteed benefits or special protections, you might also want to speak to a regulated financial adviser.