Consolidating company pensions

Older pensions generally have higher charges, so moving your pension to a modern one could reduce the cost of administration and fund management.

A small reduction of 0.5% a year might not sound like a lot, but it could increase your eventual pension pot by 15% over your whole working life.

Specific types of pension There are also some specific types of pension where you may be better leaving your savings or promised pension where it is: Defined benefit – also called ‘final salary’ or ‘average salary’ pensions – promise to pay you a fixed level of pension each year when you reach the pension scheme’s normal retirement age.

Most modern pensions also offer ready-made funds, matched to your personal needs, for those who don’t want to choose from thousands of different funds.

Cost cutting You could end up with a bigger pension pot.

Charges are also usually lower the bigger your pension pot is.

Tracking and switching It’s often easier to track and switch your investments if they’re in one place.

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