Pension transfer after employment and plan change?

I have changed employers recently and now have an old pension plan from my last employment (stakeholder pension plan with NPI) and another plan with Scottish Equitable in my new employment. I'd like to consolidate the pension funds into one plan, the one that I have as part of my current employment.
I was told that I need to figure out the pension transfer myself, and not to count on assistance from the newplan provider.
Is that feasible or does it cost an arm and a leg, etc.

Please advise - Thanks

That's terrible service from Scot Eq!!

Write to NPI, and request both a fund value and a transfer value. The fund value is how much your pension pot is worth if you leave it with them, and the transfer value is how much they'll give to Scot Eq if you transfer it to them. Compare the 2 - they may not be the same - if not, you need to decide if you think it's worth transferring it (the transfer value is usually lower than the fund value).

You should ask NPI for the forms required to effect a transfer to another Group Stakeholder Scheme - generally, it's 2 forms - one for you, one for your employer - or it might only be one, for you.

Send everything you get to Scot Eq, and ask for a transfer in quotation (ie how much they anticipate your fund growing to, if you transfer it them).

If you're happy with that, complete the forms and get them back to NPI, and they'll transfer the money to Scot Eq.

If you have access to advice, take it...

Best of luck

Consult a financial adviser asap. The advice accepted as the "best answer" is not complete and will not provide you with enough information to make an informed judgement.
IFA and get professional advice! Report It

The question was "how do I do it?", not "should I do it?" - he's already said he wants to consolidate. I absolutely agree about professional advice being worthwhile, but as neither of us know the specific circumstances, it's difficult to comment properly Report It

If both plans are Stakeholder, you can transfer between them without penalty. However, there's no need to consolidate them. Diversity in investment spreads the risk. You can consolidate all your pension plans when you retire.

Contact your old pension plan and ask them for the forms. You will need to fill out the forms and send them to your old pension plan. The old pension plan will then send the funds to the new pension plan. If you have questions about the forms, contact your old pension plan for assistance.

Do not have the money sent to yourself or you will end up paying the 10% penalty, even if you put the entire amount in your new pension plan. The government thinks that if it in your hands for a split second, you pay the penalty.