Combining your pensions
Combining your pensions (also called pension consolidation) means bringing some or all of your pension pots together into one. You can do this at any time, whether you’re starting a new job or planning for retirement.
Important considerations before combining:
- Your existing pensions might have valuable guarantees that you could lose if you transfer out of the scheme.
- Your current pension may have higher or lower product charges, and there may also be charges to transfer your pension to a new company.
- You should also consider which death benefits are already in place.
Things to consider before combining your pensions
- How can I find out what pensions I have?
If you’ve worked for different employers, you may have multiple pension pots. A financial adviser can use the Government Pension Tracing Service to locate pensions from previous jobs - all you need is your former employer’s name.
- Do I have multiple pension pots?
Having a single view of your pensions can make it easier to manage your money, understand your retirement options, and see what you’ll have when you retire.
- Am I in the right funds?
Your circumstances or the level of risk you’re happy with may change over time – so it’s worth checking that the funds you’re invested in are still right for you. Combining your pensions could give you access to a new or wider range of funds.
- Is combining my pensions right for me?
A financial adviser can help you decide if combining your pensions is right for you. They’ll review your individual circumstances and explain the process.
- You should speak to your financial adviser if you have one.
- If you don’t have an adviser, you can search for an independent financial adviser by visiting unbiased.co.uk or by calling them on 0800 023 6868.
If you’re 50 or over, we strongly encourage you to use Pension Wise. It’s a free, impartial service by the government-backed MoneyHelper service that offers guidance on all the options available for your pension savings. You can have a free consultation online, over the phone or face-to-face. To book a free appointment call 0800 280 8880 or visit moneyhelper.org.uk/pensionwise
Need expert financial advice?
If you don't already have an adviser, it takes just three minutes to book a no-obligation, initial chat with M&G Advice. It’s a great way to explore how we could help.
Manage your plan online
The quickest and easiest way to access information about your Pru product, manage it, or to make changes to certain personal information, is through our Online Service. Registering is quick and easy.
Already registered?
Access your product details, update your information and message us directly using our Online Service.
Everything you need to know about your product
Find product-specific guidance and information, all in one place.
