🟩 Why Might You Have Multiple Pensions?

Changing jobs, multiple employers, or setting up personal pensions often results in having several different pension pots scattered across different providers.

🟩 How Consolidation Works

Pension consolidation involves transferring your various pension pots into a single, more manageable plan. This can help you monitor growth, simplify paperwork, and potentially reduce overall costs.

🟩 Potential Advantages of Consolidating

• Easier to track your total savings

• Potentially lower charges

• Access to better or more suitable investment options

• Easier long-term planning and reviews

🟩 Risks and Considerations

Consolidation isn’t right for everyone. Some older pensions may offer valuable guarantees or benefits that could be lost if you transfer them. Professional advice is essential before making any decisions.

🟩 When Might Consolidation Be Right?

Consolidation can be useful if your pensions are scattered, difficult to track, or costly. But a full review is needed to check whether the benefits outweigh any potential disadvantages.