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Consolidating pension pots

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Published by Patrick Connolly on 13 December Last updated on 13 December I am 45 years old with three different pension pots.

As you get nearer to...

The four pensions I will have are with three different providers. My question Consolidating pension pots should I consolidate them into one pension pot? Many people are keen to consolidate their pensions, and this is something which is heavily promoted by product providers. However, remember that they have a vested interested in you transferring to them as they want to have more of your money in their pensions and on their platforms.

If you have been investing...

The big advantage of consolidating your pensions is that you will have everything in one place, which makes administering your pension easier.

This should give you more control over reviewing your investments, making any changes and understanding the level Consolidating pension pots pension you are on target to achieve.

However, there may be costs involved in transferring your pension, including exit penalties imposed by your existing providers.

You might move to a more expensive or less flexible pension, and you could even lose valuable guarantees such as guaranteed annuities. You should review all your pensions and make sure you understand the charges, terms and conditions for each of them.

This will give you a better idea whether consolidation is a good idea.

Find out who our experts are on the Ask the Experts homepage. Read more about managing your pension on Moneywise.

Investment & Retirement Advice

Skip to main content. Home Pensions Managing your pension Ask the Experts: Should I consolidate my three Q I am 45 years Consolidating pension pots with three different pension pots.

A Many people are keen to consolidate their pensions, and this is something which is heavily promoted by product providers.

"Consolidating pension pots" How to make your pension last a lifetime You should review all your pensions and make sure you understand the charges, terms and conditions for each of them. Ask the experts What can I do to stop my wife being homeless when I die?

Is there a way I can cut my tax bill by transferring some earnings to my wife? How much will I get back if a platform goes bust?

If you have several different...

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