Find and combine old pensions the simple way

A Monzo Pension is a type of pension called a SIPP (self-invested personal pension). It gives you the ability to save for your retirement and the freedom to choose how your pension is invested.

A SIPP can be a tax-efficient way to boost your retirement savings. You can have a SIPP alongside other investments, such as the ones inside Stocks and Shares ISAs and workplace pensions. The taxes you pay depend on your circumstances and rules could change in the future.

A SIPP is not designed to replace your workplace pension, if you’re employed, it’s meant to complement and work alongside it.

If you’re self-employed, a SIPP is one way of saving for your retirement.

By combining your pensions into one place, you’ll be able to see exactly how much you’ve built up – and work out if you’re on track for the future.

You usually get a new pension with each new job you have. So it’s easy for pensions to rack up. And over time, this can be difficult to keep track of. You’ll also cut down on future admin as you’ll only need details for one pension when you retire.

And you’ll know exactly what you’re paying for your pensions too. Each provider has their own fees, so it can be tricky to work out what you’re paying when you have several pensions. With a Monzo Pension, you’ll pay transparent fees – you’ll pay a 0.25% platform fee (or 0.20% with Monzo Perks or Max) across your pension and investment accounts up to £100,000, plus ongoing management fees that depend on what you invest in.

That means your maximum annual platform fee is capped at £250 (or £200 with Monzo Perks or Max). Bear in mind, at the point of combining your pension, you may be charged exit fees by your different pension providers, although this is usually capped.

But remember, pension consolidation is a very personal financial decision, and it's not right for everyone. We'd always recommend seeking independent financial advice before combining your pensions.

You can combine old workplace and personal pensions.

You won’t be able to transfer your current workplace pension that you’re paying into. If you’ve already started taking money from a pension, you won’t be able to transfer that. And if your old pension has safeguarded benefits, we won’t transfer that either.

Finding your old pension documents can help us to find and combine your pensions sooner.

It’s best if you know your previous employer’s name, your pension provider’s name, reference number and rough pension value.

But don’t worry if you don’t have all this information. We can still look for your pension – even if all you know is where you worked and when.

You'll pay a 0.25% platform fee (or 0.20% with Monzo Perks or Max) across your pension and investment accounts up to £100,000, plus ongoing management fees that depend on what you invest in.

That means your maximum annual platform fee is capped at £250 (or £200 with Monzo Perks or Max).

Your fees accrue daily, and are charged monthly.

No, not at all. You should continue paying into your current workplace pension as normal.
When you pay into your workplace pension, your employer usually does too (up to a certain amount, which will be agreed in your contract). So you’re likely to get more for your money by contributing to that, rather than a personal pension.

When you pay into your Monzo SIPP, the government gives you a top-up – which is tax relief. For most people, that means for every £80 you put in, the government adds £20, so you end up with £100 in your pension pot.

If you pay a higher rate of tax, you can claim back even more through your tax return, boosting your finances.

Just remember there are limits on how much tax relief you can receive, and it isn't available for everyone. You can read more here.

Yes, absolutely. Monzo Pensions are self-invested personal pensions (SIPPs), which means you decide how much you save and when you contribute, so they’re well suited for anyone who’s self-employed.

Just head to the Pensions area in the app and tap ‘Add money’ to make contributions directly from your Monzo current account whenever you like.

The amount of money you need depends on the lifestyle you want. As a general guide, Retirement Living Standards research suggests a single person roughly needs:

- £14,000 a year for a minimum lifestyle (covering the basics)

- £32,000 a year for a moderate lifestyle (more financial security, holidays)

- £44,000 a year for a comfortable lifestyle (more financial freedom and luxuries).

Use our pension prediction tool to get an idea of the amount you could have when you retire. 

You can’t take money out until you turn 55 (rising to age 57 from 6 April 2028), as pensions are legally locked to ensure you have money for retirement. And if you do make an unauthorised early withdrawal, HMRC may charge you up to 55% tax.

The only exceptions for this are if you’re diagnosed with a terminal illness or a condition that means you can never work again.

The government’s Money and Pensions Service can help if you have any questions around pensions or money guidance, and debt advice too. 

You should be sure combining your pensions is right for you. Before you make the move, make sure you know your old pension’s fees. If you transfer your pension to one with higher fees, it’ll impact the value of your pension over a long-term period.

And if you’re still unsure, speak to a financial adviser, or if you’re over 50, you can get free and impartial guidance through Pension Wise.