Hi, I’m Joe and I’m here to answer one of our most popular questions: should I bring my pensions together?
Like with most decisions, there are pros and cons, so let’s go through some of them.
Let’s start with the pros.
First, it could make it easier to manage your pension savings because everything’s in one place, which cuts back on admin time too.
It also makes it less likely that you’ll lose track of any of your pension plans in the future – which is more common than you might think.
You’ll also have less paperwork, and possibly less charges too because you won’t need to pay charges to multiple pension providers.
And, depending on where you transfer to, it could give you more flexibility when it comes to your retirement options or investment choices.
That last one can act as a con too; you might not want to transfer to a provider that doesn’t offer you the kind of options you want.
Another con could be that some older types of pension plans have valuable benefits or guarantees attached to them, which you could be giving up if you transfer - so look out for that.
And some providers will charge a penalty for transferring a pension plan away from them, so just make sure you’re comfortable with that if that applies to you.
Overall, it could be a good option for you, but it’s not right for everyone. So it might be a good idea to speak to a financial adviser first to weigh up your options.
