Is it better to have various different kinds of pension pots or is there a tangible, economic benefit to amalgamating them?

You should be very careful when moving old pensions just in case, as you say they come with additional benefits in case you lose them. You will need to talk to a professional advisor beforehand. You also need to consider if moving to a cheaper pension provider will compensate for any exit fees you need to pay.

Alex Pugh, Chartered Financial Planner, Partner at Saltus gave this advice:

Consolidating pensions can offer benefits such as reduced paperwork, increased income flexibility, reduced fees, a wider range of investments, and it’s easier to ensure your investments are aligned with your goals. Usually, simplicity is best. However, defined benefit schemes are valuable. Transferring these are high-risk and should only be considered in specific circumstances. Multiple defined contribution schemes can sometimes reduce diversification, because many default funds have similar holdings. Older pensions may have unique benefits, including extra tax-free cash and could incur exit penalties. Transferring could have adverse consequences as well as positive ones. Taking advice prior to consolidating is recommended.

Having multiple pensions can actually work in your favor, as they naturally provide diversification in terms of risk, management style, and guarantees. Leaving them to continue as they are can make sense, especially if some have guaranteed benefits or are performing well without intervention. However, it’s also worth reviewing each one individually: for example, your self-managed personal pension may benefit from a periodic check to ensure the investment mix still aligns with your risk tolerance and retirement goals. Similarly, understanding any fees or charges on the older or frozen pensions could highlight opportunities for efficiency. Overall, keeping them diversified while occasionally reviewing performance and alignment with your retirement timeline is often a balanced approach.