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Pension Consolidation Guide
Technical Guides • Pension Consolidation Guide
Pension Consolidation Guide
A Clearer, Smarter Way to Manage Your Retirement Savings
It’s common for people to accumulate several pensions over the course of their careers, especially when changing jobs. Many end up with multiple pension pots, scattered across different providers — and often, they lose track of them.
Over 40% of Brits have three or more pension pots, and a significant portion admit they’ve lost track of them entirely. Consolidating pensions is about bringing them together under one roof — simplifying your finances and giving you more control over your retirement planning.
Our 2025 Pension Consolidation Guide explains how it works, the key benefits, and important considerations to be aware of before moving your pension pots.
Why Consider Pension Consolidation?
1. Simpler Administration
Managing one pension is far easier than managing multiple. It reduces paperwork, keeps your financial affairs organized, and simplifies drawing an income in retirement.
2. Reducing Fees
Different pensions come with different charges. Consolidating your pensions can help you avoid duplicated fees and, in some cases, access lower fee structures based on higher total fund values.
3. Clearer Investment Control
Bringing your pensions together means you can view your entire retirement pot in one place. This makes it easier to monitor performance, rebalance your investments as your risk profile changes, and avoid overlaps in holdings.
4. Easier Estate Management
When the time comes to pass on your assets, a single consolidated pension can make the process much smoother for your beneficiaries.
5. Maximizing Pension Allowances
Calculating your remaining contribution allowances (especially if using carry-forward rules from previous years) is far easier when your pensions are centralized.
Important Considerations
Before you consolidate pensions, it’s critical to understand the terms of each scheme. Some pensions may offer valuable benefits that could be lost if transferred — such as enhanced tax-free cash entitlements, guaranteed annuity rates, or protected early retirement ages.
Working with a regulated adviser ensures you weigh these factors carefully and make the decision that’s right for you.
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