Consolidating for finances

So, is transferring everything into one easy-to-manage pension the way to go?

There are advantages to switching your pensions but there are also pitfalls.

Remortgaging can also save you thousands of pounds, but it comes down to your personal circumstances.If you’re lucky enough to be in a final salary scheme, it will almost always make sense to stay put.But if you have any other type of pension – where success or failure depends on the performance of your investments - consolidation is worth considering.The same £10,000 invested in a fund that achieves 7% annual investment growth, with a 1.5% annual charge, will be worth £48,541 – more than double.A better return will never be guaranteed, but more investment choice and lower fees will give you the best chance of achieving one.

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