These days, keeping up with all the pensions from your various jobs over the years can feel like a job in and of itself! If you’re worried about losing touch with any of your providers or losing track of all the pensions you have, there is something you can do. Find out more about pension consolidation to help you decide if it’s right for you.
This does not constitute advice and advice should be sought in all instances before acting on it.
There are a few simple precautions you can take to ensure that your pension savings are always accessible and secure. Of course, keep up with the admin associated with your accounts, like providing updated contact information such as a new job or new home. Your provider will then be able to reach you about any important updates or changes to your pension. Plus, you should stay up to date about your pension options and take advantage of any employer contributions or tax benefits available to you. But there’s something else you can do to make keeping track of everything even easier — pension consolidation.
Consolidate your pension savings
If you have savings with multiple providers, it might be a good idea to consider consolidating your defined contribution pension pots so you have as few as possible. Not only will this make it easier to keep track of your savings but you could also save money in fees. Keep in mind that not all pension types can or should be transferred, so it’s important to work with a professional to understand and compare the features and benefits of the plan(s) you are considering consolidating.
Pension consolidation overview
Pension consolidation is the process of combining multiple pensions into one single pot. You can do this with a pension transfer or you could open a new pension and then transfer your other pensions into your new pot. Before making your decision, find out if you will be liable for any exit fees or if by transferring, you’ll lose any valuable benefits such as guaranteed annuity rates. Whether you’re consolidating to make it easier to keep track of your retirement savings or even trying to get a better rate of return on your investment, consolidation is the way to go.
Get started today
Working with a professional financial adviser when you’re considering consolidating your pensions is a smart move. No matter how many pots you need assistance with, we’re happy to help, so get in contact with us today.