Blog
18th August, 2026
What Should I Do With My Old Workplace Pensions?
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If you've changed jobs over the years, there's a good chance you've left behind one or more workplace pensions. Many people lose track of these pension pots, leaving them untouched for years without knowing how they're performing or whether they're still suitable for their retirement goals.
The good news is that you have options. Taking the time to review your old pensions could help you make better-informed decisions about your future retirement income.
What Are Your Main Options?
When it comes to old workplace pensions, there isn't a one-size-fits-all solution. Depending on your circumstances, you may choose to:
1. Leave the Pension Where It Is
While pension consolidation can be beneficial, it's important not to assume it's the best option in every situation. Some older pensions include valuable benefits or guarantees that could be lost if they're transferred.
If you choose to leave an old pension with your previous employer's provider, your money remains invested, and in many cases you can still manage it online.
2. Transfer It to Another Pension
Some people choose to combine several pension pots into one pension. This can make retirement planning simpler by reducing paperwork and allowing you to monitor your savings in one place.
How?
1. Identify All of Your Pensions
The first step is to make a list of your existing pensions, including any occupational pensions from previous employers, PRSAs, Retirement Annuity Contracts/RACs or Buy Out Bonds (also known as Personal Retirement Bonds).
You'll need details such as the provider's name, policy number and an up-to-date valuation.
2. Review Each Pension
Before transferring anything, it's important to understand:
What benefits each pension offers.
The annual charges.
How the money is invested.
Whether there are any guarantees or protected benefits that could be lost.
Whether any exit penalties apply.
Your financial adviser can help you compare your options and explain the advantages and disadvantages of transferring.
3. Choose the Pension You Want to Transfer into
Many people choose to consolidate into:
their current employer's pension scheme (if the scheme allows transfers in)
a PRSA
or a Buy Out Bond for independent control over your own policy.
The most suitable option depends on your circumstances, retirement plans and the features available.
4. Complete the Transfer Paperwork
Once you've decided to proceed, the receiving pension provider (or your financial adviser) usually prepares the transfer forms.
The new provider contacts your existing pension providers, requests the transfer value and arranges for the funds to be moved directly. You don't receive the money yourself, it transfers directly from one pension arrangement to another, preserving its tax-advantaged status.
5. Invest the Transferred Funds
Once the transfer is complete, your pension is invested according to the investment strategy you've selected. This is a good opportunity to make sure your investments match your age, goals, or attitude to investment risk.
What if You've Lost Track of a Pension?
It happens more often than you might think.
Check old documents: Look through past payslips, old benefit statements, or company handbooks for provider names.
Contact former employers: Reach out to the HR or payroll department of your old workplace to ask for scheme details.
Use official resources: If a company has closed down, the Pensions Authority can help locate registered scheme details or trustees.
Even relatively small pension pots can grow over time, so it's worth finding out what's there before deciding what to do next.
Finally…
Changing jobs doesn't mean leaving your retirement planning behind. If you've accumulated several workplace pensions over the years, bringing them together could make them easier to manage and help you get a clearer picture of your retirement savings.
However, consolidation isn't suitable for everyone, so it's important to understand exactly what you're transferring before making a decision. Take time to understand the features, costs, and benefits of each pension. If you're unsure, seeking professional financial advice can help you make an informed choice that's appropriate for your personal circumstances.
Please note: Pension transfers are not suitable for everyone. The value of investments can go down as well as up, and you may get back less than you invest. Always consult a regulated financial adviser before making significant changes to your pension arrangements.
Fiona Harris, ITC Marketing Manager