Pension planning for DB scheme members considering transfer has specific considerations that standard guides often miss. This page covers everything relevant to your situation with up-to-date guidance for 2026.
- Check ongoing charges — a 1% fee gap can consume a quarter of a lifetime pot
- Tax relief turns £80 into £100 (£60 for higher-rate payers) — the best mainstream tax break
- Check your State Pension forecast — voluntary years can return 30%+ annually for life
What the Comparison Sites Won't Tell You
Your NI record is editable: gaps from caring, low-income years or time abroad can often be filled — buying back years is frequently the best annuity money can buy. Check the forecast on GOV.UK before the buy-back window rules tighten.
The quietest number on your statement is the most important: a 1% fee gap can consume a quarter of a lifetime pot. Check the ongoing charge on every pot; switching platforms is easier than it looks.
Unclaimed employer match is a pay cut you volunteered for: contribute enough to capture the full match — £1 becomes £2 on day one — before any other investing.
Key Pension Considerations for Defined Benefit
| Provider | Annual Fee | Type | Rating |
|---|---|---|---|
| Hargreaves Lansdown | 0.45% p.a. | SIPP | 5★ |
| AJ Bell | 0.25% p.a. | SIPP / LISA | 5★ |
| PensionBee | 0.50–0.75% p.a. | Combine pensions | 4★ |
| Aviva | 0.40% p.a. | Workplace / SIPP | 4★ |
| Vanguard | 0.15% p.a. | Low-cost index | 5★ |
Your Pension Options
- Review your current pension provisions and projected retirement income
- Consider consolidating old pensions — easier to manage and may reduce fees
- Check your State Pension forecast at GOV.UK
- Maximise pension contributions — you get tax relief at your marginal rate
- Consider whether drawdown or annuity is right for your situation
Free Pension Tools
Use our pension calculator to model different retirement scenarios. The government's free MoneyHelper service also offers free pension appointments.
Frequently Asked Questions
Is the State Pension enough to live on?
For most people, no — it covers roughly a minimum standard only. Check your forecast on GOV.UK; buying missing NI years is often the best-returning purchase available.
When can I access my pension?
Currently from age 55, moving to 57 from April 2028. The first 25% is tax-free; drawing the rest slowly keeps you in lower tax bands.
How much should I pay into a pension?
A rough rule: halve your age when you start and contribute that percentage of salary, including employer contributions. The 8% auto-enrolment minimum is a floor, not a plan.
Should I consolidate old pensions?
Often yes — fewer pots means lower fees and easier tracking. Beware exit fees and valuable guarantees on older policies (like guaranteed annuity rates) that vanish on transfer.
What is pension tax relief actually worth?
Every £80 you contribute becomes £100 in the pot at basic rate. Higher-rate taxpayers effectively pay just £60 for £100 of pension — the most generous mainstream tax break available.
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