Make your retirement planning simpler – combine your pensions

MoneyPlus Features Team

These days most people have several jobs throughout their lives, and multiple career moves mean many of us end up with a number of pensions along the way.

And that can make keeping track of them and the money in them trickier. But there is something you can consider which could make planning for your future simpler.

Combine your pensions

Life’s a lot easier when it’s more organised. So, if you’ve saved into several pensions over the years, you might want to think about bringing them all together into one.

Combining your pensions can certainly make managing them much easier, and in some cases cheaper, depending on the type of pension.

Is transferring everything into one easy-to-manage pension the way to go?

One pension would mean you have one online log-in, one password and one set of paperwork, making it simpler to manage than if you have a few pensions to keep an eye on.

You can check how it’s performing more easily and if your savings are on track to give you the kind of future you want.

When it’s time to start taking your money, you’ll only have one pension company to deal with and, if and when you choose to dip into your pension pot, it’ll be easier for you to see how much you’ve got to last you.

Check if it’s right for you

If you are thinking about bringing your pensions together, it’s really important to find out what you could be giving up and what you would get in return.

You need to make sure you won’t lose any valuable benefits or guarantees with your other pensions and there’s no certainty that you’d get more as a result of transferring your funds.

If you’re unsure ask your financial adviser, or get some guidance. Here are a few things to be aware of:

  • Not all pension plans are the same. Some give their members certain guarantees or rights, such as investment guarantees
  • Others will have different rules about when you can retire or what protection is available to your dependants
  • You should also take a look at your charges and investments, as it’s always worth checking you’re getting a good deal

Looking forward

If you do decide to bring your pensions together, it can be pretty exciting to see how much you’ve saved for your future.

Seeing it all in one place might bring you some peace of mind too.

But remember – do your checks first to find out what’s right for you.

Where to find out more

It’s worth getting advice on this from your adviser. There may be a cost for this. If you don’t have one, you can find one at

The free and impartial Money Advice Service also has a useful section on bringing your pensions pots together.


The information in this blog should not be taken as financial advice.

Laws and tax rules may change in the future.

A pension is an investment and you may get less back than you paid into it.

The information here is based on our understanding in January 2018.