Your personal finance questions – Should I merge a pension that I had in a previous job with my current scheme?

Plus, what are early redemption charges on a mortgage, and approved retirement funds versus annuities

Pension pots. Photo: Getty

Q I have a pension plan with a previous employer, which I left in 2021. I recently joined another company and was compulsorily added to their occupational scheme, contributing 6pc of gross income. Should I merge the two plans together or keep them separate? Does it depend on how each fund is performing, or is it better to keep the eggs in separate baskets?

A Most people like consolidating their pension pots so that when it comes to investing and eventually accessing the benefits at retirement, it’s all in one place.

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