Should You Combine Your Pensions?

Should you combine your pensions? It's one of the questions savers ask most. Let's take two minutes to find out.

First, a quick note. This is general information, not financial advice.

Meet Sarah. Four jobs into her career, she has four workplace pensions, one from every employer.

Each time she moved on, a pot of her own money stayed behind, out of sight and easy to forget.

Years later, she'd struggle to name them all. Old pensions are surprisingly easy to lose track of.

Providers change names, paperwork moves house, and pots quietly go missing.

In fact, billions of pounds in UK pension savings have simply been forgotten.

And every one of those pots charges its own fees, on its own terms, year after year.

Bring them together, and there's just one set of charges to keep an eye on.

Here's the good news. In many cases, you can bring your old pensions back together.

All those scattered pots, gathered into one simple pot.

First, dig out your old paperwork, or use the government's free Pension Tracing Service to find every pot.

Next, choose the right home for your savings, and check nothing valuable gets left behind.

Then your new provider handles the transfers. It usually takes a few weeks.

For Sarah, everything she's worked for is finally in one place, with one clear view of where she stands.

Less paperwork, fewer statements, and an easier path towards the retirement she's planning for.

But combining isn't right for everyone. Some older pensions hold valuable guarantees you'd lose by leaving.

Some charge exit fees when you transfer out.

And if you're still paying in, make sure you won't lose employer contributions.

So before you decide anything, get in touch. Let's make the most of every pot you've earned.