Loss of valuable benefits: One significant disadvantage is that you may miss out on valuable benefits that are unique to certain pension plans. For example, some schemes may provide better death benefits than others, so combining your pensions into one pot may result in the loss of this valuable protection.

Paying higher fees: Another potential disadvantage is that some schemes may have higher charges than you are currently paying, resulting in higher fees. This is something that should be given careful thought before making any decisions.

More difficult to access: It’s important to remember that once you consolidate your pensions, it may be more difficult to access the money in an emergency. This is something to consider when deciding whether or not to consolidate your pension.

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.