Transferring pensions - am I allowed to do this without professional advice?

[DressedForWarmth]

I have got a number of small pensions from changing my job multiple times over the last 20 years. I've been getting advice from an independent pensions advisor over what is the best thing to do with them all, as some of them have fees that are eating away at any tiny investment.

I am hoping to be able to transfer all the pensions into a single scheme. However, the advisor has said that I'm not allowed to do this on my own, but that it has to be done by a professional financial advisor.

Are they correct in this?

Thanks

Contact Pension Wise. It's a government organisation that should be able to help you.

From what I understand - I don't work in transfers - you can request a transfer to a different scheme without a financial advisor but we have to do a 'stronger nudge' script that refers you to Pension Wise. There have been a lot of scams.

I have done it on my own.

No it's not true.

I have recently done similar, taken a small former workplace pension and a larger personal pension and transferred into a different provider.

You do have to sign discharge forms confirming you know what you are getting yourself into. If however the companies you are dealing with are big household names there should be no problem, the issue is when people want to access their entire pension pot and move it into Dodgy Dave's Investment Fund which is promising to double your money in a fortnight.

One word of warning - do not deal with Virgin pensions under ANY circumstances. Absolutely hopeless and the most appalling customer service i've ever encountered.

Another vote for Pension wise.

I got their advice and then transferred into a SIPP.

It depends on the type of pension - if it is a defined benefit pension worth over £30k then you will need advice. Otherwise no advice needed.

No, I did it myself from NEST to vanguard.

This is the right answer. If they are defined contribution schemes then you are basically moving a pot of money from one place to another. I have done this recently with no advice, straightforward process

Thank you all for taking the time to reply and for your advice. I'll talk to Pension Wise as well, to check that what I plan to do is ok, so that I don't end up paying the huge advisor fees for the transfers.

Thanks again!