Can I Have More Than One Pension?

VIDEO: AJ Bell's Laura Suter answers your pension FAQs

Holly Black 20 September, 2021 | 12:21PM
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Laura Suter: So yes, you can have more than one pension. Most people will have the state pension which is paid out by the government. But on top of that you can have pensions from your employer. Or you can set up a self-invested personal pension or a SIPP as it's also known as, which is your own personal pension. One of the issues that people can end up with is they end up with too many pension pots, which is quite hard to manage. So while you can't take that money out, you can transfer it into another pension. And so that means that quite often people might do that if they change employer and they might transfer that old pension pot into their new employer pension pot, or people might decide to open a SIPP and transfer all of their old pensions into that SIPP. One thing that you need to make sure, is that you're not losing any valuable guarantees when you transfer. So check that out before you transfer your pensions.

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Holly Black  is Senior Editor,


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