![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/11\/625a0c6e-5641-4c6f-bfb8-00a277cd221f.jpg\")
<\/p>\nSAVERS with old pensions could save thousands of pounds in retirement by combining all their pots, new data shows.<\/p>\n
Many people have money sitting in old work pensions from years ago, or may even have several pots from different jobs.<\/p>\n
<\/p>\n
Not only is this an admin nightmare, but you could also be paying those pension firms thousands of pounds in rip-off fees – reducing the amount you'll have saved for retirement.<\/p>\n
This is because while the fees firms can charge on new pension schemes were capped in 2015, older schemes didn't have to follow the same rules.<\/p>\n
These old-style pensions are closed to new joiners, but continue to drain cash from their members through huge charges.<\/p>\n
If you joined a company's workplace pension scheme before 2015, you might be stuck with a pot charging you hefty fees.<\/p>\n
But you don't have to keep feeding these firms your retirement funds – you can move all your pensions into one newer pot with lower charges.<\/p>\n Tom Selby, head of retirement policy at AJ Bell, explained: "While modern pensions that people are automatically enrolled into are protected by a 0.75% charge cap, it was not uncommon for older-style schemes to charge double this amount or more.\u00a0<\/p>\n \u201cOver the course of your retirement, this difference in charges could cost you thousands of pounds.\u201d<\/p>\n AJ Bell took three pension pots worth \u00a310,000 each with charges of 1%, 1.5% and 2%, which are common fees for old-style pensions.\u00a0<\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n It calculated that by combining these pensions into one new pot charging 0.5% – a much more standard rate for modern pension schemes – you would save \u00a312,979 over 20 years.\u00a0<\/p>\n So, if you combined those pensions at 45, you would have almost \u00a313,000 more in your retirement pot by 65 than if you had left them alone.<\/p>\n Over five years you would save \u00a31,833, in ten years you would save \u00a34,433, while over 15 years you would have saved \u00a38,044.\u00a0<\/p>\n It may sound like a lot of admin, but combining your pensions is a fairly straightforward process as long as you can track down your old pots.<\/p>\n To start with, you need to choose a new pension provider. You can use a service like\u00a0Money.co.uk\u2019s private pension comparison tool to help find the most suitable firm for you.\u00a0<\/p>\n Next, track all your pensions down using any paperwork you can find and ask each provider how much you have saved and what charges you\u2019re paying.<\/p>\n If you can\u2019t remember what pensions you have or where they are, there are several services available to help track them down.\u00a0<\/p>\n For example, the government has a Pension Tracing Service online\u00a0or call 0800 731 0193.<\/p>\n AJ Bell also has a service to locate old pension pots, visit its website to get started.<\/p>\n You can also try ringing your old employers' HR department to ask for the details.<\/p>\n Once you've found all your pots, give your new chosen pension provider the details and they should do the rest of the work for you.\u00a0<\/p>\n \u201cBefore transferring any old pensions, you should check there aren\u2019t any valuable benefits attached which you may lose or exit charges that will be applied,\u201d Mr Selby warned.<\/p>\n \u201cAsk your provider – they should be able to tell you if this is the case."<\/p>\n![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/07\/52c26a01-dc4c-4856-845b-e247930dfec7.jpg\")
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