Many people reach a point in life where they want to find and combine pensions, trace old arrangements or track their retirement savings. They want to understand whether consolidating or merging their private pensions and workplace pensions could make planning for the future easier. 

With job changes, automatic enrolment and private saving becoming the norm, it’s increasingly common to hold several pensions with different providers, each with its own rules, charges and investment approach. 

Tracing, reviewing and, where appropriate, consolidating these pensions can provide clarity, but it must be approached carefully and with regulated advice.

What Do Tracing and Consolidating Pensions Mean?

Pension tracing is the process of locating pensions you may have lost track of, whether through previous employers or private arrangements.

Pension consolidation, sometimes called combining, merging or transferring pensions, means bringing several pension pots together into a single arrangement. 

This can make pensions easier to manage, but it is not suitable for everyone. Any decision to consolidate should be based on your personal circumstances and supported by regulated financial advice.

Why People Need to Trace and Track Old Pensions

Over a working lifetime, it’s common to move jobs multiple times, and each role may have included a new workplace pension. Some people also take out personal pensions, stakeholder pensions or SIPPs alongside employer schemes. 

Without careful record‑keeping, pensions can be forgotten, moved to new providers or left untouched for years.

Tracing and tracking pensions helps build a complete picture of your retirement savings and ensures no valuable benefits are overlooked.

How to Find Old Workplace and Private Pensions

The process usually begins by gathering key information such as your National Insurance number, previous employer names, employment dates and any old pension paperwork.

The government’s Pension Tracing Service can help identify pension providers linked to former employers. For private pensions, providers can be contacted directly to confirm policy details, current values and any attached benefits.

A regulated adviser can manage this process on your behalf, ensuring the information gathered is accurate, complete and assessed correctly.

Types of Pensions That May Be Included

Most defined contribution (DC) pensions, such as workplace pensions, personal pensions, stakeholder pensions and many SIPPs, can potentially be consolidated or merged.

However, defined benefit (DB) pensions (often called final salary schemes) require particular care. DB pension schemes offer valuable guaranteed income benefits. The FCA and The Pensions Regulator state that, for most people, it is not in their best interests to transfer or merge a DB pension.

Some older pensions may also include:

• protected tax‑free cash
• guaranteed annuity rates
• other safeguarded benefits

These could be lost on transfer, which is why regulated advice is essential.

If you are considering transferring a DB pension or any safeguarded benefits worth more than £30,000, you must obtain regulated financial advice by law.

As Mark Cornes, Financial Adviser in Bristol, explains: 

“Pension consolidation can be incredibly helpful, but it is rarely as simple as moving everything into one place. Professional financial advice ensures nothing valuable is lost along the way and that pensions are structured in a way that supports long‑term financial security and tax efficiency.”

When Pension Consolidation May Help and When It May Not

Potential advantages

• Easier administration with fewer providers
  Managing one pension instead of several can reduce paperwork and make it simpler to track your retirement savings. This can also make it easier to spot issues early and stay engaged with your long‑term planning.
• A clearer, more consistent investment strategy
  Consolidation can help align all your pension investments with your goals and risk tolerance. This avoids having mismatched strategies that may work against each other over time.
• Potentially lower or more transparent charges
  Some modern pension schemes offer lower fees or clearer charging structures than older contracts. Reducing costs can improve long‑term outcomes, although this must be weighed against any benefits you may lose.
• A single point of access when planning retirement income
  Having everything in one place can make it easier to plan how and when to take benefits. It also helps ensure your retirement income strategy is coordinated and tax‑efficient.

Potential disadvantages

• Loss of valuable guarantees or protections
  Some pensions include safeguarded benefits such as guaranteed annuity rates or defined benefit income. These can be extremely valuable and are usually lost if you transfer or merge pensions, which is why regulated advice is essential.
• Exit charges or penalties on older contracts
  Certain legacy pensions may apply fees if you transfer out, reducing the value of your pot. An adviser will calculate whether the long‑term benefits outweigh any immediate costs.
• Losing employer contributions if moving away from a current workplace scheme
  Consolidating a current workplace pension into a private plan could mean missing out on ongoing employer payments. This can significantly reduce the value of your retirement savings over time.
• Reduced flexibility if the receiving scheme has fewer options
  Not all pension schemes offer the same investment choices or retirement features. Moving to a more restrictive plan could limit how you manage your money in the future.

Key Considerations Before Making Any Pension Changes

• Charges and fees across all schemes
  Different pensions apply different types of charges, including annual management fees and transaction costs. Understanding these helps you compare value fairly and avoid unexpected expenses.
• Investment options and whether they match your goals and risk tolerance
  Each pension offers its own range of funds and risk levels. Ensuring your investments are appropriate for your age, objectives and comfort with risk is essential for long‑term planning.
• Retirement flexibility, including drawdown options
  Some pensions allow flexible access to your money, while others have more limited withdrawal options. Choosing the right structure can affect how easily you can adapt your income in retirement.
• Tax implications, including how allowances are used
  Consolidation can affect how you use your annual allowance, lifetime planning and potential tax charges. A regulated adviser will help ensure decisions are tax‑efficient and aligned with your circumstances.
• Safeguarded benefits, guarantees or protections that could be lost
  Older pensions may include valuable features that cannot be replicated in modern schemes. Identifying these early prevents accidental loss of benefits that could significantly impact your retirement income.

Where pensions are invested, the value of your pension pot can go down as well as up, and you may get back less than you invested. Also, it should be noted that tax treatment depends on individual circumstances and may change in future.

Avoiding Pension Scams

Be cautious of unsolicited contact about your pensions, offers of “free pension reviews” or pressure to transfer quickly. Pension scams can result in the loss of some or all of your retirement savings. Always check that any financial adviser you speak to is authorised by the Financial Conduct Authority.

The Value of Professional Pension Advice

Tracing, tracking and consolidating pensions can become complex, especially when multiple providers and pension types are involved. 

A regulated financial adviser will:

• trace and verify all existing pensions
• analyse benefits, guarantees, charges and investment performance
• assess whether consolidation or merging is suitable
• explain the risks and alternatives
• provide a written recommendation tailored to your circumstances

Taking the Next Step with Thomas Oliver

At Thomas Oliver, pension advice is tailored to your individual circumstances. Every pension is traced, assessed and reviewed before any recommendation is made. If consolidation or merging is suitable, we’ll explain why; if it isn’t, we’ll explain that too.

To discuss tracing, tracking or reviewing your pensions and whether consolidation may be appropriate for you, speak to a Thomas Oliver adviser and take the first step towards a more organised and informed retirement plan.

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The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.

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HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

Pension consolidation advice is available. If you hold a Defined Benefit Pension Scheme or Defined Contribution pension with a guaranteed minimum pension or income, any advice you receive will be through a dedicated referral advice service and a specialist within our network.

Approved by The Openwork Partnership on 29/01/2026.