Answered by Neil Adams
If you’ve started several different pensions over the years, perhaps because you’ve worked for a number of different employers, you might want to think about consolidating these pensions into one scheme.
The advantage of pension consolidation is that it is easier to manage your pension and keep track of how your investments are performing. It also provides an opportunity to review the performance of the funds your pension is invested and determine whether you are happy with the level of risk being taken. In addition, it is often possible to gain lower platform fees by consolidating.
You can arrange this by contacting your pension providers directly to arrange a switch or transfer to a new arrangement. However, be very careful before moving your pensions. Many older final salary pension arrangements may contain valuable guarantees which will be lost on transferring to a new arrangement.
You should also check for any exit penalties or fees that apply, as these could eat into your retirement savings.
It is always recommended you seek professional pension advice before proceeding. The cost of advice usually outweighs any potential loss in benefits. Please contact us if you would like find out more about how Drewberry Wealth can help, or for further information you may find our pension consolidation case study useful.
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