An influential Parliamentary committee has said the UK government should foster the merger of final salary schemes to reduce the risk of future funding scandals.
A report published on December 21 by the Work and Pensions Committee has sought to learn lessons from the scandal which resulted from news of a £571 million funding gap at the BHS pension scheme earlier this year.
When we have received your form(s), we’ll contact your current pension provider to arrange the transfer.
He said the government might need to "nudge" consolidation.
The committee also wanted The Pensions Regulator to be given the power to fine sponsors heavily if schemes run into trouble, to act as a "nuclear deterrent".
Charges are very low, with annual management charges capped at a maximum 1.5% for the first 10 years.
Stakeholders normally accept transfers in from other pension arrangements, including personal pensions and occupational pensions; there is also no charge should your relative wish to transfer to an alternative pension at some point in the future.