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Pension consolidation

Call us for a free chat on 0800 032 9301

Lines open: 8.30am to 6pm Monday to Friday

Combine your pension pots to boost your savings

If you’ve got more than one defined contribution or personal pension pot, you could boost your savings by combining them into one. Consolidating your pots could help you move money away from funds with high charges, leaving more of your money available for retirement.

Pension specialists can work with you to assess your pensions, and make recommendations on if combining your pots is best for you. Some of the things that they will look at are:

  • The fees you are being charged on your pensions
  • Any benefits associated with your pension pots which could outweigh a benefit of moving it
Green calculator

Pension calculator

  • Enter your pension value and contributions to calculate your pension pot size
  • See what retirement income your pension could give you
  • Find out how to maximise your savings

Why should I combine my pension pots?

Most companies will allow you to consolidate your pensions into one pot, but there are associated advantages and disadvantages to this approach.

By taking pension advice, a pension specialist will be able to review all the factors above and advise you in combining all or some your pension pots is in your interest. Find out more about how to get pension advice.

Advantages of combining your pension pots

  • Reduce paperwork by only dealing with one pension provider
  • Get potentially better investment performance and better rates which can boost your retirement income
  • Know exactly how much money you have saved in total into your pension pot
  • Easily monitor performance of your pension fund, if it’s linked to investments

Disadvantages of combining your pension pots

  • You could be charged for transferring from one provider to another
  • Some companies offer ‘Guaranteed Annuity Rates’ which could be lost if you consolidate your pensions
  • If your pension includes a minimum pension guarantee, you would lose these benefits
  • Any invested funds are linked to stock market performance meaning your fund value could go down as well as up.

What about my defined benefit pension?

If you're in a defined benefit pension scheme or your pension includes a minimum pension guarantee, you would lose these benefits.

Find out more about transferring your defined benefit pension to a defined contribution scheme on or chat to one of out pension specialists for advice.

Have a commitment free chat with a Pension Specialist

Call us on 0800 032 9301

TextDirect: First dial 18001

Lines open: 8.30am to 6pm Monday to Friday. We may record and/or monitor calls for training and audit purposes.

Start your conversation with a pension specialist today by telling us about:

  • Your current pension pots
  • Any contributions you're making
  • How much you've already saved