Beware the pension consolidation trap

Financial advisers and pension providers routinely tell savers to consolidate their disparate pension pots into a single plan. But it isn’t the no-brainer it may seem.

Stacks of pound coins © Getty Images

Do your research before you pile it all into one scheme
(Image credit: Stacks of pound coins © Getty Images)

Combining your pensions in a single plan isn't the no-brainer it may seem.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.