Should I consolidate my old workplace pensions?
Yes, in most cases. Consolidating multiple defined contribution pensions into one modern SIPP gives you better visibility, lower fees, and the ability to manage everything as one coherent strategy. Never consolidate defined benefit (final salary) pensions without professional advice.
Why fragmented pensions cost you money
Legacy schemes often have higher charges and default funds that don't match your needs, and make it impossible to see or manage your total pension wealth effectively. On a £40,000 pot, a 1% fee difference over 20 years is approximately £16,000.
When consolidation makes clear sense
For multiple DC pots, especially when you want lower fees, a unified investment approach, and a complete view of your retirement savings in one place.
When to be cautious
Defined benefit pensions carry valuable guaranteed income in retirement. Transferring them is usually irreversible and requires regulated financial advice — the FCA requires this for any DB transfer over £30,000.
Finding lost pensions
The UK government's free Pension Tracing Service at gov.uk lets you search by previous employer name. An estimated £26.6 billion in pension wealth was unclaimed in the UK between 2016 and 2022.
Key takeaway: Consolidation simplifies your life, reduces costs, and puts you back in control of your retirement savings.
Arken helps you view all your investments — including pensions you add manually — as one complete picture, making it easier to manage and optimise everything together.
