Should I consolidate my pensions?

If you have several pension pots, consolidating your pensions can be a good way to get on top of your retirement savings. 

People now have an average of 11 different jobs during their career, and will often be enrolled into a new pension at each workplace. This means you may end up with a number of pensions, scattered across different providers, making it tricky to stay on top of them all!

Consolidating pensions into a single plan can help you with this and reduce the stress of managing multiple pots, while also giving you more transparency into their performance and the fees you’re paying.

Below we take a look a some of the possible benefits of transferring into a single pension scheme, but also mention what is worth bearing in mind. Although we hope this information is useful, we can’t tell you whether or not you should consolidate your pensions: it’s up to you to decide if this is the right decision for you, based on your individual circumstances.

The benefits of consolidating your pensions:
Things to check before you consolidate your pensions
To consolidate your pensions into one single plan, you will need to share information about your pensions. This can include details like the provider name or a policy number. You can usually find this information through any old paperwork you have may have, or by speaking to the provider directly and asking for the information. Amalgamating pensions into a single scheme might seem like a complicated process, but we try our best to keep it a simple one for you.

Updated: 7th August 2019 

What our clients say about us:

Stephen, Kent
Stephen, Kent
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James took the time to make sure he understood my circumstances before giving me some excellent advice on how I could maximize the tax efficiency of my investments and thus my retirement income.
John, London
John, London
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James was incredibly understanding about what goals I wanted to prioritize. The key, for me, was to have it explained in simple terms. This enabled me to take out the right personal protection and pension plan. Trust is probably the most important part of this process. I felt/feel confident that James helped me make the right plans to safeguard my family’s future.
Peter, Tunbridge Wells
Peter, Tunbridge Wells
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James was highly professional and set me up with an investment plan that fit my needs and risk appetite. 5 out of 5 Stars
Joseph, London
Joseph, London
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I had multiple pension pots from previous employers and was looking for advice on whether to consolidate these plans. James undertook an honest and detailed analysis of my policies allowing me to make a fully informed decision on the best way to proceed. Highly recommended.
Matthew, London
Matthew, London
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I was looking to set up a pension plan as I had been given a generous allowance from my company. James advised on product and fund selection tailored to my personal circumstances and attitude to risk. Once the correct product had been identified. He facilitated all areas of setup and continues to manage things moving forward. 5 out of 5 Stars
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HALCYON WEALTH LIMITED (Financial Conduct Authority No. 758949) is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority. Quilter Financial Planning Limited and Quilter Mortgage Planning Limited are entered on the FCA register under reference 440703 and 440718. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.