Can i consolidate pensions

Often these benefits would be lost on transfer and therefore it is important to speak to a financial adviser to consider your options. Some policies will carry an exit penalty if you transfer away before your retirement date. It is therefore important to understand all of the charges involved in consolidating your pensions so that you can determine whether the benefits outweigh all costs.

To consolidate your pensions into a single pot, you will need to start an application to transfer via the pension provider which you wish to use moving forwards. Often, with modern contracts, you can log in online to initiate a transfer, and all you will typically need is the name of your existing pension providers, the policy numbers, and approximate values.

This information is likely to be found on your annual pension statements, however of course, tracking down your pensions may be the first obstacle to overcome. Arrange a free consultation.

Please note: Investment returns are not guaranteed and you may get back less than originally invested. What are the benefits of pension consolidation? Ease of Management In your working life, it is common to build up several pensions of varying sizes with different employers and providers, and keeping a track of multiple policies over the years can prove to be difficult.

Flexibility Long gone are the days where you have to purchase an annuity at retirement with your pension funds. Risk Management Having your pensions under one roof may also make it easier to ensure that your pot is being managed with the correct level of risk that you are willing to take with your money, as your arrangements will be simplified, and you will have greater visibility of the underlying investments and the performance.

It could be cheaper Consolidating your pensions may mean that you are able to transfer away from some of the more expensive legacy plans and access a cheaper policy elsewhere.

What are the cons of combining pensions? Exit Penalties Some policies will carry an exit penalty if you transfer away before your retirement date. How to go about consolidating your pensions To consolidate your pensions into a single pot, you will need to start an application to transfer via the pension provider which you wish to use moving forwards.

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Calculator Mortgage calculator. What pensions can't I consolidate? This is where you've taken tax-free cash from your plan and left the rest of the money invested for you to take as regular or occasional income. A pension invested in a with profits fund.

Five simple steps Register. Some other things to consider before consolidating Your current pension provider may apply exit penalties if you close your pension pot. If you're uncertain about any of the risks or what the right decision is for you, then you should seek financial advice. You can find an independent adviser at Unbiased. Please remember the value of an investment and any income taken from it's not guaranteed and can go down as well as up, you may not get back the amount you originally invested.

Ready to get started? I know where my pensions are I know where my pensions are. Should I consolidate my pensions? Can I consolidate my pension myself?

How much will consolidating my pensions cost? Depending on the product you apply for, there may be management charges and fees. Personal Pension - a monthly 0. Drawdown - a monthly 0. For annuity and fixed term products we take account of the charges when we set the rate. So there are no further charges for you to pay.

Where can I find an adviser? Can I cancel my consolidation? Monday to Friday, 9am to 5pm. Call charges will vary. We may record and monitor calls. What if I'm in a pension that my employer pays into? Book an appointment Contact them.

Go to the Unbiased website.