Pension consolidation in July 2026: tracing lost pots before you merge
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Around £30 billion sits in unclaimed UK pension savings. Before consolidating old workplace pots, use the free Pension Tracing Service and check every statement for safeguarded benefits — guaranteed annuity rates and defined-benefit promises should not move without advice.
By Money Guide editorial team
Published:
Consolidating defined-contribution pensions can cut fees and simplify drawdown, but the FCA warns that transferring the wrong pot destroys guarantees worth more than years of fee savings.
Start with the gov.uk Pension Tracing Service — free, and it finds contact details for old employers' schemes. It does not show balances; you must contact each provider for transfer value statements.
Read statements for 'guaranteed annuity rate', 'protected tax-free cash', 'defined benefit' or 'GMP'. Defined-benefit transfers above £30,000 require regulated advice by law.
Pension-to-pension transfers are tax-free when done provider-to-provider. Never withdraw cash to reinvest — that triggers tax charges.
See our pension consolidation guide, safeguarded benefits answer and Pension Wise for free guidance at 50+.