You may want to consolidate your pension plans into one plan or pot to simplify the management of your pension. You could have 7 different policies due to the number of employers you had during your career, so it’s not easy to keep track of everything going on with each pension plan.

If you set up your pension a long time ago, you might be missing out on benefits that some of the new defined contribution pension plans offer. Changing to another provider could give you access to benefits such as online access to your pension plan, or more retirement income options such as drawdown.

You may want to transfer your Defined Contribution Pension plan to a different provider that can offer a better range of investment options. Your current provider may only offer a limited number of investment funds, or they could be limited to a specific geographical region which could affect your return.

One of the reasons that you may want to transfer your Defined Contribution Pension is that you are looking for a pension plan that offers a lower set of charges and fees. Some providers, especially for the old pension contract, have hidden charges that policyholders are not aware of. One of the ways to lower the charges is consolidating your pension policies into one, but you need to check with your financial adviser if that is suitable to your individual situation.

If you are not happy with the level of service that you currently receive from your pension provider, you could think of moving your pension plan away to a provider with a better quality of service and administration. 

The above are some of the reasons that could encourage you to transfer your DC pension scheme, but it is usually a lot more complicated because everyone’s case is different.