Should I consolidate my pensions?
If you have several pension pots, consolidating your pensions can be a good way to get on top of your retirement savings.
People now have an average of 11 different jobs during their career, and will often be enrolled into a new pension at each workplace. This means you may end up with a number of pensions, scattered across different providers, making it tricky to stay on top of them all!
Consolidating pensions into a single plan can help you with this and reduce the stress of managing multiple pots, while also giving you more transparency into their performance and the fees you’re paying.
Below we take a look a some of the possible benefits of transferring into a single pension scheme, but also mention what is worth bearing in mind. Although we hope this information is useful, we can’t tell you whether or not you should consolidate your pensions: it’s up to you to decide if this is the right decision for you, based on your individual circumstances.
- Having all your money in one place
- A pension plan that’s easier to manage
- Better-performing funds
- Lower fees
- Exit fees
- Safe-Guarded Benefits
To consolidate your pensions into one single plan, you will need to share information about your pensions. This can include details like the provider name or a policy number. You can usually find this information through any old paperwork you have may have, or by speaking to the provider directly and asking for the information. Amalgamating pensions into a single scheme might seem like a complicated process, but we try our best to keep it a simple one for you.
Updated: 7th August 2019
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