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A recent study showed that, on average, you are likely to have six jobs over the course of your career. That number increases to 12 for Millennials. With auto-enrolment and frequent job transitions, British workers now often find themselves with multiple pensions to manage.

Consolidating your pensions can be a way to make this easier, reducing the stress that comes with managing multiple pension pots.

What does combining your pensions mean?

Combining your pensions means taking your pensions from disparate providers and bringing them all into one pot. For example, if you have recently been enrolled in Creative Pension Trust, you may be looking at bringing across old pensions from previous jobs into your current one.

Why combine them?

Making the decision to consolidate your pensions isn’t something to take lightly. Although it might be the right decision for you, be sure to understand the terms of each pension and be aware of any fees or other financial implications.

The decision to combine your pensions should be based on your individual needs and circumstances. If you’re uncertain about what these may look like, speaking to a professional adviser can help.

Everything in one place

The first benefit of combining your pensions is likely the most apparent: keeping everything in one place. Rather than spend your time tracking and managing multiple pensions, you can easily view your retirement savings from one place.

Not only does this help to alleviate the stress of looking after multiple savings pots, but it can also give you a better understanding of what you will have available to you in the future.

With many people having several jobs throughout their professional careers, pensions or the details that grant you access to them, sometimes get misplaced. By keeping everything together, you can mitigate this risk.

Lower fees

By sole virtue of having fewer open pension pots, combining your pensions can mean facing fewer ongoing fees. Many pensions have associated management costs that can diminish your savings if you are not actively contributing to them.

It is essential to understand the fees and charges that your pensions face, especially if you are no longer interacting with them regularly. As you consider whether or not consolidating your pension is the solution for you, think about how your pension might grow with fewer associated fees

More options

An often overlooked benefit of keeping your pension savings in one account is that it can open the door to more investment options. Some investment opportunities are better accessed with greater savings which can sometimes be achieved through combining your pensions.

This may not always be the case, but it is a consideration that you and your adviser can take into account when planning your next steps.

Find out how to easily combine your old pension pots into Creative Pension Trust using the Creative Pension Trust Member Portal.


Combining your pension can bring several benefits with it, from peace of mind to saving costs and creating better investment opportunities. That said, making any changes to your pensions and investments should be undertaken with care. Be sure to understand any fees that may apply as well as any other financial implications. Speaking to an adviser can help you with this.
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