12th October 2022
Consolidating Your Pensions
Today’s post will look at some of the reasons you might want to consolidate your existing pension pots and how they can be beneficial to you.
Simplify your finances: If you have several pension pots it may be difficult to keep track of all of them. Putting your pensions together into one pot could make your life easier in terms of managing your retirement funds.
Save on fees: If you have multiple pensions with different providers, you may be paying multiple
annual fees. Consolidating your pensions may help you save money on fees.
Get better investment options: Some pension providers offer a limited number of investment options. By consolidating your pensions it could give you access to a wider range of investments.
Join us again tomorrow as we look at reasons why you may not want to consolidate your pension pots. 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.