Pensions - Articles - Towry comment on DWP small pot transfer

 Towry's head of advice policy Kate Turner:

 "The most important thing to consider with your pension is in order to have a ‘big fat pot', you need to ensure you are making regular contributions over a long period of time. Indeed, having one pension pot that is with a poorly performing investment house would be worse than having several smaller pots with less risk attached to the investments gained on each fund. It is important to understand what you have and what the costs are - big is not always beautiful but there can be economies of scale.

 "It has been getting easier in recent years for some people to move their pension fund to a different provider anyway, although anyone who does this must be aware of any exit penalties they may be forced to pay. If you're unsure as to whether or not it is advantageous to consolidate your pension plan, you should seek professional and qualified financial advice."