INTRODUCTION

This week we will be looking at what you need to consider when you have multiple pension pots and the pros and cons of consolidating your pension pots.

The employment landscape has evolved significantly over the last few decades and changing jobs multiple times before retirement is now very much the norm. However, did you know that there are an estimated £9.7 billion in unclaimed UK defined contribution pension funds? [1].

All of these events over time may make it very difficult to locate your valuable pension savings.
As a result, you could end up with a variety of different pension pots. If you are one of the millions of people who have multiple pensions, it may be appropriate to consider consolidating and bringing your defined contribution pension pots together.

Tomorrow we will look into what pension consolidation is. Please contact us for more information on how we can help protect your future financial well-being and the options available to you.

A pension is a long-term investment not normally accessible until age 55 (57 from april 2028 unless plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. Tax treatment varies according to individual circumstances and is subject to change.

Source data:[1] https://www.pensionspolicyinstitute.org.uk/media/2855/201810-bn110-lost-pensions-final.pdf