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Pension saving: How you can 'keep more of your money' for retirement

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Consolidating old pension pots into one personal pension could really pay off in retirement, it’s been suggested. These days it is unlikely for someone to work one job for their whole life.

It is more common for people to work multiple different jobs throughout their working life.

Understandably, many people find it tricky to keep up with their pensions and if they’ve had several jobs, they’re likely to have several pension pots, each with different returns and fees attached.

Moneybox has given guidance on how best one can avoid these excess fees and save more for their retirement.

Consolidating your old pension pots into one personal pension means you only have one set of fees.

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“For example, you could choose a provider that allows you to invest your pension into a socially responsible fund aligning your investments to your values.”

It’s suggested that consolidating pension pots could save people a lot of time, and it may be less hassle as there will be less log in details to provide, and less fear of forgetting passwords.

Moneybox explained: “Fewer pots are less admin.

“Consolidating your old pension pots into one personal pension means to remember one log in so you can keep track of your retirement savings more easy.

“You could have greater control and flexibility.

“With a personal pension, you can compare and choose your own provider based on the funds, features, and tools available.

“You can decide how much you want to contribute and how often.

“For many people consolidating old pensions into one simple personal pension can offer more control, better fees and peace of mind.”

Romi Savova, CEO of PensionBee, said: “The thought of retiring early can seem like a fairy-tale, but it doesn’t have to be.

“An important first step is to consider consolidating any old pensions you may have into one pension.

“This will make your savings easier to manage and help prevent you from losing track of your hard-earned money from previous jobs.

“In addition, you’ll only pay fees on one larger pension pot, rather than paying multiple fees on a range of smaller pots.”