With personal pensions and employers now being legally required to offer a workplace pension, many people now have more than one pension.
In fact, there is no limit to the number of pensions you can have or the amount that’s in your pension.
However, you need to consider whether having multiple pension accounts is beneficial. For example, you may be paying multiple account management and investment fees which, depending on the performance of your investment, may significantly impact how much your account is actually growing — if at all.
If this is the case or if you’re struggling to keep track of multiple pots, it may be wise to transfer your pensions to reduce the number of funds you have with the aim of improving the overall return you receive.Back to FAQ's