What you want to achieve
Combining old pensions: what to check before you move anything
Most people now change jobs several times, and many leave a pension behind each time. Bringing them together can save money and time, but only if you check the details first.
The challenges
- Forgotten pots from old employers.
- Default funds that have lagged for years without anyone noticing.
- Exit fees, guarantees and protected benefits buried in the paperwork.
- Choosing where to move them and how to invest once they are together.
How a disciplined process helps
Make a full list
Gather the provider, fund, value, charges and five- and ten-year performance for each pension. The government’s Pension Tracing Service can help find lost pots.
Our guide shows how to judge each pot against sensible benchmarks.
Check what you would give up
Some older pensions include guaranteed annuity rates, protected tax-free cash or final-salary benefits. These can be valuable, and moving a defined benefit pension above a certain value requires regulated advice.
Ask each provider in writing about exit fees and guarantees.
Compare costs and choice
A low-cost SIPP may offer more investment choice and lower charges than old workplace schemes. Compare the total cost, including platform and fund fees.
Our platform comparisons and charges simulator help.
Where to start
- Guide: Is my pension performing?A step-by-step way to check your pension against sensible benchmarks.
- Guide: What you really payEvery layer of charges explained, and how much they cost over time.
- Pension fund reviewsPlain-English reviews of widely held pension funds.
- Platform and SIPP articlesComparisons of the main UK platforms.
Questions people ask
Is it always a good idea to combine pensions?
No. It often reduces costs and admin, but check for guarantees and exit fees first.
Can I combine a final-salary pension?
Transferring a defined benefit pension above a set value requires regulated financial advice, and giving up a guaranteed income is rarely reversible.
Where should I move my pensions?
That depends on costs, choice and how much control you want. Our platform articles compare the main UK options.
Important: this page is education and information only. It is not financial advice or a personal recommendation, and it does not take your circumstances into account. The value of investments and pensions can fall as well as rise, and you may get back less than you put in. Past performance is not a reliable indicator of future results. If you are unsure what is right for you, speak to a regulated financial adviser.