Whilst you can transfer into any UK stakeholder pension with no initial charge, there are still a number of factors that need to be considered. If you are considering transferring your pension away from your current provider, the main factors you have to consider, is the possible benefits of transferring your pension against the associated costs of moving, including any penalties you may incur by your existing pension provider.
The further away you are from retirement, the more likely the benefits will outweigh the costs of the transfer, as time will dilute any initial costs and penalties associated with transferring.
The easiest way to make a charge comparison is to ask your provider for a current Valuation and Transfer Value of your pension, this will enable you to see what the costs are in moving away from your current provider. In addition by asking your insurance company to provide a projection to your chosen retirement age, you can make a comparison with a newer charged contract. This will assist you in making a decision as to whether a transfer is the best thing to do.