Pension Transfer & Consolidation

What are the benefits in consolidating a pension?

Consolidating your Pensions into one place could help you enjoy a more comfortable retirement and secure your financial future.

Throughout the course of our lives, we can expect to accumulate several different Pensions from a range of sources, including:

• Workplace Pensions from each job we have
• Recommendations from previous Financial Advisers
• Personal Pensions we’ve set up and since forgotten about

Having these multiple Pensions with different providers can make it difficult to stay on top of the administration, fees, and performance of each plan. One way to avoid these complications is to find and combine any Pensions you have. Even if your Pensions are relatively small or invested in specific funds, it’s worth speaking to someone to find out what the impact of consolidation might be for your retirement.

Certain Pension policies can provide valuable guarantees, such as guaranteed annuity rates, protected higher tax-free cash percentages and protected retirement ages. Some plans, often workplace schemes, also benefit from low charges that cannot be matched elsewhere. These guarantees and benefits could be lost if transferred and therefore Pension consolidation is not right for everyone.

Consolidation can be complicated but also it can be a very beneficial process. Therefore, it is important to speak to the right people and recommended to seek expert financial advice from a consolidation specialist.

Please remember that tax rules can change at any time.