There are frequently advantages to be had from consolidating various ‘defined contribution’ benefits under a single plan:

•  A headline value of a single overall amount, making forecasting for retirement easier.
•  The opportunity to monitor this value online through the portal of the recommended provider.
•  An integrated investment strategy based on funds from the entire market, not just those available under existing providers’ ranges.
•  Ability to utilise Flexi-Access Drawdown if not available under existing plans.
•  Availability of Beneficiary Drawdown, if passing down family wealth in pension form is important from an Inheritance Tax perspective.
•  As a vehicle for future contributions.

However, such an exercise should never be undertaken blindly. It is crucial that any factors that may favour leaving certain benefits in situ are explored, such as:

•  Guaranteed Annuity Rates or other guaranteed features
•  Excessive transfer penalties or Market Value Reduction (MVR) charges
•  Some former employer schemes may have favourable annual management charges

Whatever the recommended outcome, undertaking this exercise (particularly where total pension assets are £75k or more) is extremely useful in appreciating where you are in relation to where you want or need to be. It may be possible to turn the various strange fruits into a satisfying smoothie!