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
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.