Anyone understand pensions?

[FourAlarmFire]

Over the years I’ve joined four different pension schemes where I’ve moved jobs - two for roughly a year each at private companies, one for a decade in the pubic sector and have just joined a new one in a new public sector job. Does it make sense to consolidate them? Is that a thing? I’m worried I’ll lose track of it all once I get to retirement age! Thanks

Pensions are very complex and it depends if they are defined benefit or defined contribution. Do you know? The majority of companies won't allow transfers in or out if you haven't taken financial advice if they are defined benefit as you could be losing guarantees. Best to speak to an advisor.

Thank you - was hoping it would be an easy answer but sounds like I need to get proper advice!

The public sector ones are likely to be defined benefit and best left where they are.

The private sector ones are likely to be defined contribution, in which case it may be worth consolidating to the provider with the lowest fees. Please take independent advice before doing anything, people can make such bad decisions about their pensions. Don't do anything you don't fully understand.

Thanks both, will have a think and not rush it then.