There are downsides to having lots of pensions. That is why some people consolidate their pensions.
The pension consolidation process allows you to transfer two or more pensions into one pot. It can provide the following benefits:
It may reduce how much you pay in fees and charges
It can reduce paperwork and make your pension easier to manage
Keeping track of your pension performance may be more straightforward
Consolidating your pensions into one pot has its pros and cons. There are situations when it's best not to consolidate your pensions which is why it is recommended you speak to an expert pension adviser to find out if it is the right move based on your circumstances.