Consolidating your pensions
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You may have gained several pension pots from various employers during your working life and find it difficult and time consuming to keep track of how they are all doing. Keeping your pension savings in a number of plans can result in lost investment opportunities and unnecessary exposure to risk. However not all consolidation of pensions will be in your best interests. You should always look carefully into the possible benefits and drawbacks and if unsure seek independent advice.
It’s important to ensure that you get the best out of the contributions you’ve made, and to keep track of your pension portfolio to make sure it remains appropriate to your personal circumstances and will meet your aspirations in retirement. Consolidating your existing pensions is one way of doing this.
Pension consolidation involves moving (where appropriate) a number of pension plans – potentially from Mny different pensions providers – into one plan. It is sometimes referred to as ‘pension switching’.
Pension consolidation can be a very valuable exercise, as it can enable you to:
- Bring all your pension investments into one, easy-to-manage wrapper
- Identify any underperforming and expensive investments with a view to switching these to more appropriate investments
- Accurately review your pension provision in order to identify whether you are on track.
 Retirement planning |
