Do you have multiple pension pots?
According to research from the Department for Work and Pensions, the average working career involves 11 different jobs. Many of these roles could, as part of the salary package, include contributions to a workplace pension scheme. With new rules regarding auto-enrolment, the number of personal pension pots people hold could well increase.
The benefits of pension consolidation could include:
- Reduced pensions fees
- Saving time by only managing a single pension fund
- Less chance of losing track of your old workplace pensions
- The potential for increased performance – helping you retire with more
Would you benefit from
Although pension consolidation may not be on everyone’s priority list, it makes sense to think about how you could benefit including:
Reducing charges – your multiple pensions may have different annual management charges, with some lower than others – so it could make sense to combine your pensions into one pension scheme with lower fees.
Easy to track – it’s critical for your retirement planning to keep a close eye on your pension savings and moving them into one pension scheme could mean you don’t lose track of your money.
Performance – having a single fund could make it easier to track its performance and identify whether other products could be more suitable for you.
Convenience – managing one fund is much easier than multiple funds. Instead of getting statements from all your pension providers pension and struggling to keep track of them, you’ll receive just one statement covering all your pension savings.