Have you thought about transferring in your other pensions and simplifying your savings? For many, having money in one place reduces stress and clarifies how much they have and where it is.
- Pay lower charges. Many modern workplace pensions have lower charges than older plans or personal pensions. Consolidating your old pensions could reduce your charges and mean you have more money for the future. Your money goes further because the charges are not eroding away your savings.
- Less hassle! Having your savings in one place means it’s more convenient for you, gives you greater control and you only have to deal with one pension provider.
- Unlike some pensions, we have a range of income options that you can mix and match to suit your needs. And if your needs change, so can your choices, free of charge. Read more here.
- We have great tools to support you, including help for people approaching retirement with what their income options look like if they consolidated their pensions. Click here.
Important – before transferring…
If you are transferring a pension, make sure you check if you have a salary-based arrangement (often called defined benefit), or investment based (also known as defined contribution pension). There may be valuable features and/or benefits you could forfeit by transferring.
This is particularly important for salary-based pensions, where you will lose guarantees. We recommend speaking to an independent financial adviser and you must do this where the value of your plan is more than £30,000.
Whatever you decide, don’t put off taking care of your pensions. Do it now. Your future self will thank you.
If you need to talk through your options, feel free to contact us.