You can combine your pension pots at any time, not just when you’re close to retirement. If you have several pensions, there can be potential advantages if you combine them, but there are also things to consider before you go ahead.
We explain what combining pensions means, the pros and cons, how to bring your pensions together into one pot, and more.
What does combining pensions mean?
Combining your pensions, which is also known as pension consolidation, is where you bring all your pensions into the same pension plan. And when you move a pension pot from one pension scheme into another, this is called a pension transfer.
As you may change jobs throughout your life, you may also have multiple pension pots with different providers. With money spread across multiple pensions, you may find it difficult to stay on top of your total retirement savings. Combining your pensions pots into one plan could help you keep track of the money you're saving for your retirement.