Everything you need to know about pension consolidation
18 July 2025
Over the course of your working life, it is easy to accumulate multiple pension pots scattered across different providers. But this is not always the most effective way to manage your investments and build your wealth for retirement.
This is why we have put together our expert guide
William Stevens
Partner, Head of Wealth Planning
Consolidating your pensions can be a great way to keep track of your retirement savings, have full visibility over your true financial position, and manage your investments more strategically. With one central Self-Invested Personal Pension (SIPP), you can transform your retirement planning and receive tailored guidance from Advisers who can align your investments with your financial circumstances and goals.
Capital at risk
Nothing in these guides should be construed as investment advice, financial advice, tax advice or as a comment on the suitability of any investment or investment service.
What is pension consolidation?
Pension consolidation is the process of taking multiple pension pots from different accounts and providers and combining them into a single pension scheme. This involves transferring any accumulated funds from various providers into one account - typically a SIPP - giving you greater control and oversight of your retirement savings.
If you have changed jobs multiple times, for example, you might have several pension pots, including workplace pensions as well as investments in private pensions. Rather than juggling numerous pension accounts with different terms, annual review dates, and investment options, consolidation lets you take control of your retirement savings in one place.
Pension Transfers
Pension transfers can be complex and for some types of pension, you might wish, or be required, to take regulated advice about your options. This is particularly relevant for those with guaranteed benefits, such as defined benefit schemes and any other pensions with safeguarded benefits.
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How do I consolidate my pensions?
To begin consolidating your pensions, you will need to locate all of your existing pension pots and review the policy documents and details. This includes workplace pensions from previous employers, personal pensions, and any existing SIPPs you might have.
Once you have identified all your pensions, our Wealth Planning team can ensure a smooth process for transferring your pensions that is enacted on your behalf. We handle most of the paperwork and arrange the transfers with your existing providers.
Some key considerations to factor in are:
1.Assess any benefits or guarantees:
Review any valuable benefits and guarantees from your current pensions and determine the impact it might have on your finances if you lose them through consolidating into a new scheme.
2.Review exit penalties and costs
Review any exit fees that some providers impose when you transfer elsewhere. These can range from nominal administration fees to substantial percentage-based charges.
3.Consider how employer contributions will be affected
If you are consolidating a current workplace pension, ensure you understand how this might impact employer contributions to your retirement savings.
Make your pensions work harder, together
Our experienced Advisers will review your current arrangements and recommend whether consolidating into a SIPP would be more suitable than your current setup. This will allow you to make a more informed decision on how to build your wealth effectively towards retirement.
When you consolidate your pensions into a SIPP with Killik & Co, you unlock several powerful benefits:
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A clear plan for your retirement income: With all your pensions in one place, we can help you create a comprehensive plan through retirement, ensuring your income is tax-efficient and aligned with your retirement goals.
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A dedicated expert by your side: Our Wealth Planning team provides ongoing support for not just consolidation, but what comes after. This includes tailored advice, ensuring your investments after consolidation continue to work effectively for your changing circumstances and future goals.
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Global investment opportunities: Unlike many workplace pensions with limited investment options, our SIPPs offer access to a diverse range of 30 global markets, giving you more opportunities to grow your savings with a personalised portfolio tailored to your objectives.
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No consolidation fees from us: We do not charge fees for consolidating your pensions into a SIPP.
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A straightforward, easy-to-use account: Our SIPP is designed to be user-friendly, giving you clear visibility of your investments and pension performance.
Explore our comprehensive resources on pension planning and consolidation:
4 reasons you should combine your pensions
How to find old pensions and take control of your retirement savings
Capital at risk
Please be aware that the value of your investments may fall as well as rise. The content of this blog post reflects our current understanding of UK legislation and only impacts those within the UK tax system. Tax treatment depends on personal circumstances, and the rules may be subject to future change.
Consolidate your pensions with us today
Ready to take control of your retirement planning?
This detailed guide covers everything from the basics of pension consolidation to advanced considerations, so you can make informed decisions about your retirement planning.
Also, speak to our expert Advisers today, so they can help you navigate the pension con
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