Pension basics

Does it make sense to combine pension pots?

If you’re considering combining your pension pots, it’s important to consider the fees you’re being charged on your old pensions. If another provider offers lower fees, you could benefit from switching. You may also want to look at any exit fees your current provider charges.

When you combine pension pots it makes it easier to keep track of them in one place, so you benefit from all your personal pension investments at retirement.

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It's important you know

Capital at risk. All investing should be for the longer term. The value of your investments can go up and down, and you may get back less than you invest. Tax treatment depends on individual circumstances and may be subject to change in the future.

A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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

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