Can I have five pensions?

Yes, you can hold several pensions

You can have five pensions, or another number of separate pension arrangements. Aviva’s explanatory guide states that there is no legal limit on the number of pension pots you can hold. Having several arrangements does not tell you whether you should open another one, pay more in or transfer anything.

That source is published by a pension provider. We use it for the general question about pension numbers, not as a recommendation for its products. The government and MoneyHelper sources below explain related contribution and transfer rules.

Sources: Aviva: How many pensions can I have?

An old pension does not automatically disappear

GOV.UK explains that your workplace pension remains yours when you change jobs, and you can join another workplace scheme at a new job. A series of jobs can therefore leave you with separate pension records. Ask each scheme to confirm what you actually hold; a remembered job is only a starting clue.

Short membership of a defined benefit scheme can have different refund or transfer rules. Do not assume every job left a cash pot, or that five employers necessarily mean five pensions. Keep employer, scheme and administrator names separate until the paperwork is clear.

Sources: GOV.UK: Changing jobs and taking leave

Five pensions do not mean five annual allowances

GOV.UK says the annual allowance applies across all your private pensions. It includes payments into defined contribution schemes by you and others, such as employers, and relevant increases in defined benefit benefits. Opening another pension does not create a separate annual allowance.

The allowance can be lower in particular circumstances, including high income or flexible access to pension savings. Having an existing pension and being allowed to make a particular contribution are different questions. Use the current government guidance and seek appropriate help for a personal tax calculation; this page does not calculate your allowance or tax relief.

Sources: GOV.UK: Pension annual allowance

Keep one clear record for each arrangement

Make a private inventory before drawing conclusions from the count. For each arrangement, record the scheme name, benefit type, administrator, date of the latest document and the next unanswered question. Give uncertain details an “unknown” label rather than filling them from a familiar provider logo.

For example, five fictional statement folders could include an old defined benefit pension and several defined contribution arrangements. A promised annual income and a pot valuation are different figures. Keep their units and dates visible instead of adding them into one apparent cash balance.

• Scheme name and official contact route.
• Whether the record describes a pot or promised benefits.
• Statement date and labels on any figures.
• Membership or contribution questions still awaiting a reply.

You do not have to combine every pension

MoneyHelper explains that you can choose which pensions to combine and which to keep separate. Combining involves a transfer. Transfers can lose valuable features or involve exit charges, and a transfer usually cannot be undone. The number of pensions alone is not a suitability assessment.

If you are considering a transfer, first establish the type, charges, guarantees and scheme rules, and ask about any advice requirement. Our consolidation guide helps organise those questions. All Pensions does not recommend a receiving pension, contact schemes or submit transfers; its browser organiser is for short notes.

Sources: MoneyHelper: Transfer or combine pensions

Keep learning

• What happens to your pension when you change jobs? →
• Multiple jobs: keep each pension trail clear →
• Pension tax relief: understand the method and keep the right records →
• Pension consolidation: organise the questions before a transfer →
• Pension document checklist →
• Pension pot versus annual retirement income →

Browse all pension basics guides →