What are the pro's and cons for putting pensions together?

Butterfly05

I would consider myself very much a beginner in this space. Early 30s with 3 different plans now I think - 2 from a previous employer and one from a new one and no idea whether I should merge and transfer them. The latest one has said as I left my last employer recently I can get a % more if i transfer in the next month. What do I need to look out for? Thanks! 

MallyGirl

I chose to combine all of mine into a single SIPP as then I only had one provider to deal with and update if I moved house - also easier to see the overall allocation and the fees are lower as I went for fixed not percentage due to the value.
it might be possible to transfer the old ones into your current one - you need to look and see if this is desirable/ possible.
Downside is that I no longer have small pots that I could have taken in full at 55 if I had wanted to 

Marcon

See https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html

Butterfly05 said:

IThe latest one has said as I left my last employer recently I can get a % more if i transfer in the next month. What do I need to look out for? Thanks! 

Is this defined benefit or defined contribution?

Albermarle

The first thing to do is carefully check the charges . Usually there is a separate charge for the pension  ( to cover admin costs etc ) often referred to as a platform charge. Then the investment funds your money is actually invested in have their own charge. Sometimes there is just one charge to cover both .
More important than merging pensions, lower charges etc is how the money is actually invested and what alternative funds each pension offers.