Simplified management: managing multiple pension pots can be complex. Consolidating them into one pot reduces paperwork and makes it easier to track your retirement savings.

Cost saving: older pension schemes often have higher charges. Consolidation to a plan with lower management charges could potentially save significant money over time – leaving more money for your retirement.

Improved investment options: some older pensions may lack modern investment choices. Consolidating to a new scheme could provide access to better performing funds and broader options tailored to your desired retirement outcome.

Easier retirement planning: having all your savings in one place provides a clearer picture of your total pension pot, simplifying retirement income planning.

Reduced risk of lost pensions: consolidation helps avoiding losing track of old pensions, especially if you’ve worked for multiple employers.

One nomination form: consolidating your pensions enables you to complete one nomination form so that in the event of your death, your unspent pension pot may be left to your preferred beneficiaries.

However, it’s essential to assess any potential downsides, such as exit fees or loss of valuable benefits and seek professional advice before consolidating.