If you have pensions all over the place and little to no grasp of what they’re worth, you might want to think about bringing them all together.

It may well be the case that you’ve moved from job to job picking up pensions along the way but without necessarily keeping an eye on them all. You know they’re there, out there somewhere, but aren’t necessarily sure how much they’re worth.

Putting them all in one place could save you in fees, help you grow your retirement fund more efficiently and let you see how it’s doing any time. And as pensions have the potential to be so powerfully tax-efficient, it could be worth getting on top of yours.

One pretty straightforward way to put all your pensions under one roof is to go online and use a platform like our very own Royal Bank Invest. Here are three reasons why our platform may be worth considering:

1. It’s easy to set up, monitor and manage – you choose one of five funds, from defensive to adventurous, then once the transfers are all done you can check on your pension’s progress or top it up any time, from anywhere online or through the app.
2. Your money’s managed by experts at Coutts – the underlying investments are managed by the highly experienced team at the prestigious private bank, which has over 300 years’ experience advising some of the wealthiest people in the world.
3. You pay one, simple fee – the charges you pay are transparent and straightforward, making them easy to keep track of.

Another potential benefit of turning multiple pensions into just one retirement fund is it could do better. Sometimes, over several years, some underlying funds in a pension could lose their edge – if the main person running it moves on, for instance. This can leave it untouched and unloved, simply following the ebbs and flows of financial markets.

But with a platform like Royal Bank Invest, there’s an investment team in your corner, keeping an eye on market developments and managing your investments accordingly.

The value of investments, and the income from them, can go down as well as up and you may not receive the amount of your original investment. You should continue to hold cash for your short-term needs.

We’re talking primarily about ‘defined contribution’ schemes here – pensions where you agree how much to pay in but don’t know how much you’re going to get out because it depends on how the investments perform. The Royal Bank Invest pension is a defined contribution scheme.

We’re not talking about ‘defined benefit’ schemes, which deliver a set outcome usually based on how long you’ve worked somewhere and your final salary. Many pension platforms, including Royal Bank Invest, won’t take transfers from such schemes because you’re usually better off leaving them where they are.

Want to know more?

To find out more about the potential benefits of combining your pensions, contact your Premier team.

To use Royal Bank Invest, you’ll need to be a Royal Bank customer with Online Banking, aged 18 – 75 and be a UK resident for tax purposes. You cannot make contributions if you are a US citizen or US Green Card holder. When transferring any existing pensions, exit fees may apply.

You can’t withdraw money from a pension until you are 55. This is expected to increase to 57 from 2028. There are also limits on how you can withdraw money from a pension. The Royal Bank Invest Pension doesn’t currently offer these withdrawal options, but we are working on a solution. In the meantime, you will be able to transfer your pot to another scheme.

The final value of your pension fund will depend primarily on how much has been paid in and how well the pension fund's investments have performed.

App available to customers aged 11+ with compatible iOS and Android devices and a UK or international mobile number in specific countries. Online Banking available to customers aged 11+ with a Royal Bank account.

This article should not be taken as advice.