A step-by-step guide to pension consolidation



We often talk about the benefits of pension consolidation, but what does it actually mean to consolidate your old pension pots and how can you do it?

Pension consolidation simply means to combine multiple pension pots into one. In many cases, a new job means a new pension and the old one is left behind with the old job. This can result in having multiple scattered pension pots, which are easy to lose track of. In fact, the average millennial could already have up to five different pensions!1

Combining multiple pensions into one easy-to-manage pot can make managing them much easier and it could also mean paying less in fees. Plus, with one bigger pot you may benefit from greater returns from compound interest.


Three steps to consolidating your old pension pots


1. Find your provider details

To access your pensions, you’ll need two details:

If you don’t have them to hand, you can find them on an old statement from the provider or via your online login, if you have one. Alternatively, you could contact your old employer – just let them know the details of when you worked there, along with your NI number, and they should be able to tell you the name of your provider.

Top tip: Check through your CV to remind yourself how many jobs, and therefore potential pensions, you’ve had.


2. Use our Pension Provider Search tool

If you’re struggling to find the details of your old pensions, use our handy Pension Provider Search tool to track them down. Just let us know the name of your old employer and the dates you worked there, and our dedicated Pension Detectives will get to work to find them.


Track down your old pensions


3. Submit a transfer request

Once you’ve found the details of all your pension pots, you could choose to combine them into one easy-to-manage Moneybox Pension.

With a Moneybox Pension, you can:


Explore the Moneybox Pension


To consolidate your pensions into one easy-to-manage pot, first head in-app to open a Moneybox Pension, then go to Accounts > Pension > Combine.


Watch replay: £26.6n in lost pensions – could some of it be yours?

Want to learn more about the benefits of pension consolidation and how you can do it? Watch the replay of our live Q&A with Moneybox’s Head of Personal Finance Brian Byrnes and the Pension Geeks behind Pension Awareness Week, who discussed:

Watch the Q&A



Important to know

As with all investing, the value of your pension can go up and down, and you may get back less than you invest.

Tax treatment depends on individual circumstances and is subject to change. Payments you make into your pension won’t be accessible until the minimum pension age (currently 55, increasing to 57 in 2028).

If you’re not sure whether the Moneybox Pension is right for you, you may want to contact a suitably qualified financial adviser for help.