“With average [job] tenure at about five years, we may end our working lives with many pension pots.” Combining pension pots, whether workplace schemes or Sipps, into a fund with lower annual management fees can save you thousands of pounds. If the pension pots remain separate, you need to deal with each provider individually, which, says Stone, “will just be messy in retirement”. If they are charging twice as much as your workplace pension, your investments would need to work very hard to better your returns. “Unfortunately, you cannot usually access pension pots until age 55, rising to 57 from 6 April 2028,” Young says.