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Pension consolidation

Consolidating old pensions into one

Most people change jobs several times during their working careers, and it is not uncommon to pay into a number of different pension schemes over the years. This can make it difficult to keep track of your retirement savings, but a simple solution is to combine old pensions in a SIPP. The process is quick and straightforward, and after consolidating it will be easy to see how well all of your pension investments are performing. This can be vital when it comes to achieving the lifestyle you want in retirement.


According to research by charity Age UK, one in four people have lost track of a pension altogether.

Why should I combine my pensions in a SIPP?

There are many benefits to consolidating your old pensions in a SIPP:

  • A clear view of your existing pension investments and how they are performing
  • Access to the same wide range of investments that you may already have in an ISA
  • Flexibility to switch in and out of investments depending on their performance
  • If you choose the right low-cost SIPP you can reduce the fees that eat into your returns over the long-term
  • Less paperwork and easier administration

What to consider before consolidating your pensions

It may not always be in your best interests to combine your pensions in one. If you are near retirement or don’t need the flexibility of a SIPP, it may not be worth transferring at all. Before consolidating old pensions, you should ask yourself:

  • Will I be charged or penalised by my existing provider for transferring?
  • Will I lose any valuable features or benefits if I transfer?
  • Have I considered my current pension charges, and could consolidating be more expensive?
  • Am I part of an occupational final salary pension scheme? (In which case I would most likely be better off not switching)

Consolidate your pensions in the Best SIPP


Watch our video

In this video Bestinvest’s Sally Merritt looks at why you should regularly review your pensions and the benefits of doing so.

The award-winning Best SIPP

Bestinvest was voted Best Direct SIPP Provider by Your Money readers in 2015 and Best Low-cost SIPP Provider by readers of the Financial Times and Investors Chronicle in 2013 and 2014. Our Best SIPP gives you access to more than 2,500 funds and the flexibility to move and manage your investments as you see fit. Plus, when you combine your pensions in the Best SIPP our low fees mean more of your money actually goes towards your future income. Exit and drawdown fees apply.

Find out more

Finding a lost pension

If you have lost a pension along the way, the Government’s free Pension Tracing Service could help. Visit www.gov.uk/find-lost-pension or call 0845 6002 537 today for more details.

Important Information

SIPPs are not suitable for everyone. If you don’t want to invest across different asset classes or don’t think you will make use of the investment choices that SIPPs give you then a SIPP might not be right for you. Self-directed investors should regularly review their SIPP portfolio, or seek professional advice, to ensure that the underlying investments remain in line with their pension objectives. Prevailing tax rates and the availability of tax reliefs are dependent on your individual circumstances and are subject to change. Please note the term Best is a brand name of the Bestinvest SIPP.


Past performance is not a reliable indicator of future returns

The value of your investment can go down as well as up, and you can get back less than you originally invested.

The Bestinvest Online Investment Service, including any account analysis and investment reports provided by our guidance services, is an online execution-only dealing service for investors who want to make their own investment decisions. It does not provide advice on the suitability of products and investments; if you are unsure about the suitability of any investment you should seek professional advice. Clients of our Investment Advisory Service and Managed Portfolio Service can use the website to obtain current valuations of their investments but cannot trade on these accounts online and should call their adviser if they wish to discuss changes to their investments.

Past performance or any yields quoted should not be considered reliable indicators of future returns. Restricted advice can be provided as part of other services offered by Bestinvest, upon request and on a fee basis. Before investing in funds please check the specific risk factors on the key features document or refer to our risk warning notice as some funds can be high risk or complex; they may also have risks relating to the geographical area, industry sector and/or underlying assets in which they invest. Prevailing tax rates and relief are dependent on your individual circumstances and are subject to change.

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