# Should I consolidate my pensions?

> Quick answer · Last updated 4 July 2026

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## In short

Consolidate old defined-contribution workplace pensions into one modern pot if fees are high and there are no safeguarded benefits — but never transfer a defined-benefit pension or a plan with a guaranteed annuity rate without regulated advice.

Combining dormant DC pensions cuts admin, can lower annual charges from 1–2% on old plans to 0.15–0.45% on a modern SIPP, and simplifies drawdown at retirement.

Do not consolidate defined-benefit pensions, policies with guaranteed annuity rates, or pots with protected tax-free cash above 25%. DB transfers over £30,000 require FCA-regulated advice by law.

Use the free gov.uk Pension Tracing Service to find lost pots first. Transfer cash-to-cash between providers — never withdraw and reinvest. Book Pension Wise before big moves around retirement.

## Related

- [Pension consolidation guide](https://moneyguide.org.uk/pensions/pension-consolidation/)
- [Workplace pension vs SIPP](https://moneyguide.org.uk/pensions/workplace-pension-vs-sipp/)
- [How to trace a lost pension](https://moneyguide.org.uk/how-to/trace-a-lost-pension/)

## Primary source

gov.uk/find-pension-contact-details

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Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.