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Multiple Pensions

Many people nowadays have accumulated several pensions from different employers and self employments and the task of keeping track of all of these can be time consuming and difficult.
You do always have the option to consolidate these pensions but before you do there are a number of things that you need to consider such as;

  • What type of pensions are they? Eg personal pension, stakeholder, final salary?
  • What are the charges for each pension and how do they compare to what is now available?
  • Will you lose any valuable benefits by transferring, such as guaranteed annuity rates?
  • What funds are they invested in, what are the costs of these funds and how are they performing?
  • Are there any alternative funds that are cheaper and/or performing better?
  • Are there any penalties for transferring your plan away from the existing provider?
  • Are the plans invested in line with your current attitude to investment risk?
  • Is this kept under review and rebalanced on a regular basis?

    Pensions are one of our areas of expertise and when reviewing your pension provision with you the above are all considerations that we will take into account, along with a number of others, before making any recommendation to transfer or consolidate your pensions, this is the right thing for some people to do but not for others.
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