You can combine pensions by transferring your different pots into one plan with a chosen provider, making your retirement savings simpler to manage.
Should I combine my pensions?
There are several reasons why combining your pensions could make managing your money easier.
A single view of your retirement savings
Having one pension can make it much easier to see how you’re doing. Rather than juggling multiple pension statements and login details, you can check one balance and track your progress at a glance. This can also give you greater peace of mind that nothing is being forgotten.
Simple pension planning
When you know exactly how much you’ve saved, it’s easier to plan ahead. A single view helps you see if you’re on track to reach your retirement goals or if you need to make changes. You can use PensionBee’s Pension Calculator to get a clearer idea of how the combined amount of your pensions could grow over time.
Potentially paying lower fees
Every pension provider charges fees, and if you’ve got multiple pots you could be paying more than you need to. By moving your pensions into one place, you might save money on charges in the long run. That’s more of your money staying invested for your future.
Is it worth combining my pensions?
Benefits of combining pensions
The main benefits are clarity, simplicity and potentially lower costs. Some people also like the flexibility of having one pot they can manage more easily, and the opportunity to access wider investment options with certain providers.
What are the downsides of combining pensions?
Consolidating your pensions might not be the right option for you, depending on the types of pensions you have and your personal circumstances. Here are a few things to look out for.
Exit fees and penalties - some old pensions charge high fees if you transfer them out.
Small pots - if you have a pension worth less than £10,000, it may not make sense to move it.
Special guarantees - certain pensions, like defined benefit schemes offer special benefits you might lose if you transfer. These can be very valuable, so it’s worth checking carefully before moving them.
If you have complex pensions or aren’t sure what benefits you might lose, it’s a good idea to seek regulated financial advice. An Independent Financial Adviser (IFA) can help you weigh up the pros and cons of your personal situation.
What you’ll need before combining
Track down your old pensions
Not everyone remembers where their pensions are. If you’ve lost track, don’t worry, PensionBee has a 4-step guide to tracing a lost pension to help you get started.
Pension plan and provider details
To combine your pensions, you’ll usually need the details of your current and old providers. This includes your policy number and the transfer value (the amount that’ll move across). You can find these on your statements or by contacting your provider directly.
National Insurance and personal details
You’ll normally need to provide some basic information such as your name, address, date of birth and National Insurance (NI) number. These details help providers trace and transfer your pensions securely. Some may ask for extra details depending on their process.
Combining pensions with PensionBee
Bringing your pensions together doesn’t have to be complicated. PensionBee makes the process as simple as possible. Here’s how it works.
1. Join for free
You can sign up to PensionBee for free and begin combining pension pots online in just a few minutes.
2. Tell us about your pensions
Once you’ve joined, we’ll ask you for any details you remember about your old pensions, such as the policy number and the name of your old employer.
3. We’ll contact your old providers
After that, we’ll contact your providers to move your pensions across. We’ll keep you updated throughout the process, and you’ll usually have everything combined within a few weeks.
What to expect after merging your pension pots
Once your pensions are combined, you’ll receive confirmation. From then on, you’ll be able to check your balance anytime in your account (also known as your ‘BeeHive’) online or in the app. Once we start managing your pension, we’ll charge you one simple annual fee.
Consolidating self-employed pension pots
If you’re self-employed, you might not have built up pensions through employers. Instead, you may have personal pensions, or you might be looking to start one from scratch. PensionBee offers a self-employed pension which you can open in minutes.
Merging your pensions can make life simpler, give you a clearer view of your future and even save you money on fees. But it isn’t right for everyone, so always check your details carefully and consider seeking financial advice if you’re unsure.
If you’re ready to bring your pensions together, PensionBee can help you combine your old pensions into a brand new plan in a few easy steps.
Risk warning
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.
03-11-2025
