11th October 2022
Number Of Different Pensions
Even if you haven’t worked in a long time, you could still have a number of different pensions to manage. Pension consolidation, if appropriate, can simplify your finances and make it easier to track your retirement savings. However, not all pension types can or should be transferred. It’s critical to seek professional advice so you can understand and compare the features and benefits of the plan(s) you’re considering transferring.
What is Pension Consolidation?
The process of combining pensions is known as pension consolidation and involves combining several pension pots into a single pot. This can be accomplished through a pension transfer or by creating a new pension and transferring your existing pensions into it. You may want to do this to make tracking your retirement savings easier, or to try to get a better rate of return on your investment. But there are a few things to think about first when combining your pensions, such as any exit strategy fees that may be levied, as well as whether or not you will forfeit any valuable benefits, such as
guaranteed annuity rates.
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.