What to avoid if you put it all in the one pension pot

CASHING UP Ensure that you don't lose valuable benefits by moving your pensions

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I'VE got a few workplace pension pots from different jobs and hear it's best to combine them. Could this affect my tax? What should I know?

Consolidating pensions can make managing your retirement savings easier, but it's important to think about tax and other factors before deciding.

Transferring your pension money between registered schemes usually won't trigger a tax charge. However, it may be an issue if you take money out.

Watch out for the annual allowance, which limits how much you can pay into pensions each year with tax relief. Combining old pensions doesn't affect this, but if you're still contributing while drawing from another pension, you might trigger the money purchase annual allowance. This reduces how much you can contribute with tax relief.