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What is Pension consolidation?
There are many terms for pension consolidation and these include combining, transferring or bringing together your pensions into one pension provider.
Most people these days have lots of jobs throughout their lives and so could have multiple pension plans, providers and schemes. Keeping on top of this can be complicated and mean you might struggle to understand them all.
Moving pensions into one place can make it easier to track them and leave you feeling much more in control!
All clients can claim a FREE and no obligation 1st meeting. Get in touch now!
Should I consolidate my pensions?
This totally depends on your individual needs and circumstances. It can make sense to simplify your affairs and can result in other benefits such as:
- Less hassle. Having one pension provider, one set of log ins etc can make it easier.
- Easy management. Having one set of statements or allowing changes to be made more quickly to your plans.
- Greater transparency. Having one clear overview and strategy can make it easier to plan. For example, you would know exactly what your pensions are worth and ultimately what income may be available.
- Reduced costs. Having a smaller number of pension plans can result in less overall charges to pay. Some pension providers also offer large fund discounts – meaning the larger the pot the cheaper the fees.
Our experts have decades of experience & everyone can have a FREE and no obligation chat. Get in touch today!
How to consolidate old plans
You need to understand where your plans are. You can use the Governments free “pension tracing service” https://www.gov.uk/find-pension-contact-details
When you have traced your plans, it is important you carefully research them before deciding whether or not to transfer. Here is where an adviser can provide value and peace of mind.
Financial Fortress is authorised and regulated by the Financial Conduct Authority (ref: 753489) and always offer a FREE and no obligation chat. Get in touch today!
Other benefits of combining your pensions
- Invest how, when and where you want. Using modern providers and technology means it is easy to keep abreast of your plans.
- Easy to understand charges ensuring you get maximum value for money.
- On-line accounts. Getting valuations and fund performance information has never been easier. Older plans will often not offer this functionality.
- Investment strategy. Ensuring that any strategy and risk taken with your money is understood, suitable for you and acceptable.
- More flexibility. Older plans can offer limited contribution or withdrawal options.
- Peace of mind. Dealing with market leading companies that have great quality products.
- Ongoing advice. Some pensions will not pay advisers from your plan itself, meaning you would need to pay for any advice separately.
We are jargon free experts. We have dealt with hundreds of “normal clients” and offer a FREE and no obligation 1st meeting. GET IN TOUCH
Why might I not want to consolidate a pension?
A pension transfer is not always the right choice. Some older plans can have special features such as pre-determined benefits, growth guarantees, protected early retirement ages or enhanced tax-free cash for example. Your adviser will always check your plans and if you are lucky enough to have one, will discuss the benefits allowing you to make an informed decision.
If your pension pot is small (perhaps under £30,000), it may be beneficial to leave them where they are.
If you are currently paying into an employers sponsored scheme, if you transfer (and then close) the scheme, your membership might end meaning the “free” money form your employer is lost.
Exit penalties can sometimes apply, especially with something called a “With Profits” policy where a “Market Value Reduction” is involved.
Your new pension provider may not have a suitable fund available for you or may not be able to provide any guidance.
Using our FREE review service will provide you with a better understanding of your position, giving you the confidence to make your plans work hard. CONTACT US
Why use Financial Fortress?
- You will be assigned a named and dedicated adviser who will guide you through the whole process.
- Our pension experts will complete all the research for you, giving you complete peace of mind any transfer in in your best interests.
- Once your transfers are complete, your retirement position can be more easily understood and making everything easier to manage.
- Clear and simple charging.
- Hundreds of real client reviews are available – just Google us!
All clients can claim a FREE and no obligation 1st meeting. Get in touch now!
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All clients will receive a no cost and no obligation pension review!
Speak to one of our specialist pension advisers. We can go through your pension withdrawal options in more detail and help you understand
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