Did you know the average person has over 11 jobs over their working life? Which means they're also likely to have money in 11 different pension pots.

If you have multiple pots from the different jobs you've worked in over the years, then consolidating your pensions into one scheme could be a highly effective financial strategy. No one wants to be tracking down money in a forgotten pot from a job decades ago! Combining them into the same plan now can save you significant time and hassle in the long run.

Combining them now might even mean you end up with a higher pension income and a more comfortable retirement. Who wouldn't want that?

In this article, we're going to delve into the key reasons why you might want to consolidate your pensions. If you decide that consolidating your pensions is the right thing for you to do, we'll then show you an easy, recommended way you can quickly and efficiently get this task done.

The Benefits To Consolidating Your Pensions

1. All your money will be in one place

The most obvious benefit to consolidating your pensions is that all your money will be in one place. That means only one pension pot to keep track of, and more importantly, only one set of digital paperwork you need to review.

Having to keep track of just one pension pot also makes understanding your current pension savings a whole lot easier. You'll easily be able to calculate if you're on track to reaching your ideal retirement savings goal, or not.

By connecting your consolidated pension to the Emma app, you can track the growth of your total wealth using our Net Worth feature, ensuring your retirement savings are integrated into your overall financial picture.

2. Your pension will be much easier to manage

You'd be shocked at how many pension providers still use outdated online systems or even snail mail as their main communication method. Get back into the 21st century and consolidate your pensions through an easy-to-manage online provider like PensionBee. You'll be able to check your current balance, make a contribution, or track performance without having to wait for the postman to arrive.

3. You Can Choose Better Performing Funds

Another major benefit of consolidating your pensions is that you can move your capital into a plan that offers a better potential return on your investment. For many people, this is a no-brainer because it ultimately means they can boost their retirement savings.

You can even pick and choose a plan that better suits your appetite for risk, letting you decide how you want your money invested instead of leaving it to someone else's default strategy.

Important Note: Make sure you're clued up on any plan you take out by reading the pension factsheet - this will help you understand how your money will be invested. It won't, however, be able to predict how well your investment will do.

4. Gives You Access to Lower Fees

Consolidating your pensions also means you could pay less in administrative fees. Some providers obscure their true costs by adding hidden fees into the plan, such as investment charges, contribution fees, and inactivity fees, which could be quietly draining your savings.

Only having one plan means you can easily keep track of exactly what is coming in and out of your account. Companies like PensionBee only charge a single annual management fee - with no sneaky hidden costs! And, if your pension pot is over £100,000, they will even halve the fee on the portion of your savings over this amount. (The only time you might have to pay anything extra is if you transfer to PensionBee and then take your whole investment out within a 12-month period).

New Trend: The Rise of Ethical and ESG Investing

5. Aligning Your Savings with Modern Values

A significant trend in 2025 is the growing demand for Environmental, Social, and Governance (ESG) investing. Many older workplace pensions are invested in general or legacy funds that may not align with modern ethical considerations.

By consolidating your pensions, you gain the power to choose funds that specifically invest in sustainable, ethical, or socially responsible companies. This allows you to not only potentially improve your returns but also ensure your retirement savings reflect your personal values, giving a greater sense of purpose to your long-term wealth building.

Questions To Ask Before You Consolidate Your Pensions

Are there any exit fees?

Some older pension schemes may charge you an exit fee if you want to transfer your money out of your account. The fee is usually a percentage of your pension savings, so before you consolidate your pensions, check if there are any exit fees.

Am I entitled to any safe-guarded benefits?

Some pension schemes offer safe-guarded benefits (e.g., specific high guaranteed annuity rates or the ability to access your pension earlier). It's important to check if you are entitled to these. If you are, be aware that if you transfer out of the scheme at any point, you might lose these benefits.

How To Consolidate Your Pensions

To get started with pension consolidation, you will need to provide information about your old pensions to your new provider. You'll need details like the provider name, or your old policy numbers. Speak to your old provider directly and ask them for this information - the more information you can get from them, the better.

Pension consolidation services like PensionBee are a good low-cost, easy way to combine all your old pensions into one pot. You can even sign up for their service in just a few minutes through the Emma app. Head to the Save tab, select the Opportunities section, and click on the “Combine Pensions” button. From there, you'll be directed to PensionBee where you can sign up straight away.

You'll be assigned your very own BeeKeeper who'll be on hand to support you with any questions you have. And, they'll also keep you up to date throughout your whole PensionBee journey!

If you're thinking about combining your pensions with PensionBee, but have a few questions, don't hesitate to get in contact with us through our in-app live chat, or ask fellow Emma users about their experiences of using PensionBee through our Community forum.