Pension Consolidation FAQs | Money Saving Advisors

It's when you combine multiple pension pots into one. This makes it easier to keep track of your retirement savings and can sometimes help you save on fees.

If you've had a few different jobs, you probably have several workplace pensions with different providers. Consolidation helps bring them together so you only have to manage one account. It could also reduce fees and give you a clearer idea of what you'll have when you retire.

Not necessarily. Some older pensions have benefits like guaranteed annuity rates or low charges that you could lose if you move them. It's a good idea to check with a financial advisor before making any decisions.

It's possible. Some pensions charge higher fees than others, so moving to a plan with lower fees can mean more money in your pocket over time. But be careful - some pensions also charge exit fees, so always check first.

Absolutely. Having just one pension means one set of statements, one login, one provider to deal with. It can make budgeting and planning for retirement simpler too.

If you’ve lost track, don't worry - it happens to lots of people. You can use the government's free Pension Tracing Service to track down pensions from previous employers. All you need is the name of your old employer or pension provider.

Yes, some providers let you transfer pensions online in just a few steps. Others may require a bit more paperwork. If you're unsure, a financial advisor can help guide you through the process.

Potentially. Some older pensions have valuable benefits that you'll lose if you transfer out - like guaranteed income levels or protected tax-free cash. It’s important to understand what you’re giving up before you make a move.

You can usually consolidate defined contribution pensions (these are the most common type where you and your employer pay in). Defined benefit pensions, like final salary schemes, are more complex and usually not suitable for consolidation without specialist advice.

There’s no set rule, but doing it sooner rather than later can make it easier to keep track and plan. If you’re close to retirement, you might want to be extra cautious and speak with a professional first.

Generally, no. Moving pensions from one provider to another doesn’t usually trigger a tax charge. But if you take money out during the process, it could count as income and be taxed.

Not always, but it can help - especially if your existing pensions are older, complicated, or have valuable benefits attached. A regulated financial advisor can give you personalised advice based on your situation.

Check for exit fees, loss of benefits, or higher charges on your new pension. Also, make sure the provider you’re moving to is regulated and has good customer reviews.

Look for low fees, strong customer support, simple online access, and a good range of investment options. Comparing providers or using a financial advisor can help you find the best fit.

Many pension transfers come with a cooling-off period (around 30 days), during which you can cancel the transfer. Always read the terms before you commit.

Yes. If you’ve set up personal pensions while working for yourself, you can usually combine these with other defined contribution pensions, depending on the provider.

During a transfer, your pension savings are moved as a cash value between pension funds, which means the value can fluctuate depending on investment performance and fees applied by the new fund. It’s important to review how your savings are invested to understand potential changes in value.