Pension drawdown glossary
Moving a pension to a new provider by selling the investments, sending the money as cash and buying new investments at the other end. It is widely accepted, but the money is out of the market for the days or weeks the transfer takes.
Source: MoneyHelper: transfer or combine defined contribution pensions · Last reviewed 24 September 2026
See every term in the A–Z glossary. Definitions are general information for the 2026/27 tax year, not personal advice.
Important: The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and benefits depend on individual circumstances. This is not financial advice.