Pension Consolidation Calculator
Compare the long-term benefit of consolidating multiple pension pots vs leaving them separate. Fee differences compound significantly over time.
How Pension Consolidation Calculator works
Impact of fees on pension growth
Annual Management Charges (AMC) compound over time. A 1% higher fee on a £80,000 pot over 20 years at 7% gross growth reduces the final pot by approximately £55,000. Fee differences matter enormously over a full working life.
When to consolidate
Consolidation makes sense when: the new scheme has lower fees, the investments are as good or better, you have many small pots (admin simplicity), and there are no valuable benefits in the old scheme (guaranteed annuity rates, defined benefit elements). Never consolidate a defined benefit (final salary) pension without regulated financial advice.
When NOT to consolidate
Keep pensions separate if any of them have: guaranteed annuity rates (GARs), safeguarded benefits, or defined benefit (final salary) elements. Transferring these away can be very costly. Always check for exit penalties in the current scheme.
Frequently asked questions
Should I consolidate my pensions?
Usually yes, if the new scheme has lower fees and no valuable guaranteed benefits are lost. Use the Pension Tracing Service (gov.uk) to find old pensions. Never consolidate a final salary (DB) pension without taking regulated advice.
How do I find my old pensions?
Use the government's Pension Tracing Service at gov.uk/find-pension-contact-details. You need the employer's name. Most pension providers will locate your old pension from your National Insurance number and date of birth.
How much does annual fee difference matter?
Very significantly over long periods. A 0.5% lower AMC on £80,000 over 20 years at 7% growth saves approximately £28,000. Even on smaller pots, lower fees compound dramatically over a 30–40 year working life.
This calculator provides estimates for informational purposes only. It is not a substitute for personalised pension or financial advice. Speak to a regulated financial adviser before making pension decisions.