A new role often comes with a new workplace pension, while the previous one sits quietly with an administrator you rarely hear from. Ignoring it is not automatically wrong — but neither is consolidating everything into the newest scheme without checking the details.
Start by requesting a transfer value and a breakdown of annual charges from the old scheme. Compare those charges with your current workplace arrangement, and note any guaranteed annuity rates, protected tax-free cash, or employer matching that would be lost on transfer.
Defined benefit schemes deserve particular care. Transferring out of a final salary pension is irreversible and usually only considered after regulated advice when the value exceeds the statutory threshold. For many people, leaving the deferred benefit in place remains the safer path.
If the old pot is a small defined contribution arrangement with high fixed fees, consolidation into a lower-cost personal pension or your current workplace scheme can make sense. The decision should follow a written comparison, not a marketing letter from a transfer firm.
Our pension consolidation review is built for this exact moment: two or more pots, a job change behind you, and a preference for a clear keep-or-combine recommendation rather than a sales conversation.