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The best course of action will depend on what kinds of pension you have and how long you have until retirement.Making the most of your pensions now could have a significant impact on your happiness in retirement; getting it right could mean a higher income, or even an earlier retirement date.

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So, is transferring everything into one easy-to-manage pension the way to go?

There are advantages to switching your pensions but there are also pitfalls.

If you've accumulated numerous workplace pensions over the years from different employers, it can be difficult to keep track of how they are performing.

There is a danger that long-forgotten plans will end up festering in expensive, poorly-performing funds and the paperwork alone can be enough to put you off becoming more proactive.

If a 35 year old with a £10,000 pension pot invests until 65 in a fund that achieves 5% annual investment growth, but charges 2% a year, the pot will be worth £23,720.