If you have several different pension/investment pots, there are potential advantages if you consolidate them into one.

You can:

  1) keep track of and manage your pension plans more easily.

  2) save money if you can transfer from higher-cost plans to a lower-cost one.

  3) open up a greater choice of investments.

However, when it comes to pensions there are potential downsides to watch for too:

In general it is not a good idea to transfer out of a defined benefit pension scheme, as the guaranteed retirement income they offer protects you from investment risk

If any of your existing pension schemes offers Guaranteed Annuity Rates, then consider the implications carefully before transferring out – if you are planning on buying an annuity with your pension pot these guarantees can be valuable

Check whether you will be charged by any of your pension providers for transferring money out of their scheme

Get financial advice from IWP before moving your pension schemes, unless you are confident that you understand the costs, benefits and risks involved.