Should I consolidate my pensions?
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In short: Consolidate old defined-contribution workplace pensions into one modern pot if fees are high and there are no safeguarded benefits — but never transfer a defined-benefit pension or a plan with a guaranteed annuity rate without regulated advice.
Content updated:
Combining dormant DC pensions cuts admin, can lower annual charges from 1–2% on old plans to 0.15–0.45% on a modern SIPP, and simplifies drawdown at retirement.
Do not consolidate defined-benefit pensions, policies with guaranteed annuity rates, or pots with protected tax-free cash above 25%. DB transfers over £30,000 require FCA-regulated advice by law.
Use the free gov.uk Pension Tracing Service to find lost pots first. Transfer cash-to-cash between providers — never withdraw and reinvest. Book Pension Wise before big moves around retirement.
Primary source: gov.uk/find-pension-contact-details
Part of our Pensions & retirement
This quick answer sits inside our wider pensions & retirement hub — with sub-guides, calculators and step-by-step explainers on the same topic.
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