Retirement Planning

pension consolidation

Pension consolidation is the process of combining your existing pensions into one pot, usually for easier management when you reach retirement.
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what is pension consolidation?

Pension consolidation is the process of merging two or more pensions.
This has become increasingly popular in the UK over the years, as people look to simplify their retirement savings and make them easier to manage.

As independent financial planners, we can help you to work out if consolidating your pensions is the right choice for you.

“gave great advice and offered realistic options in understandable language.”

Financial advice doesn't have to be so complicated.
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S Agar
Client since 2019

what are the benefits of pension consolidation?

Easier Management

Having multiple pension pots can be confusing and difficult to manage.

If you are taking income from multiple pension pots in retirement, this can be like having multiple employers.

Pension consolidation allows us to bring all of your pensions together in one place, making it easier for you to keep track of your savings and plan for retirement.

Cost Savings

Consolidating your pensions can also save you money on fees and charges.

If you have multiple pension pots, you may be paying fees to different providers.

By consolidating your pensions, we can often reduce the overall fees you pay and potentially help you benefit from lower charges.

Improved Investment Control

Consolidating your pensions can also give you more control over how your money is invested.

If you have pension pots with different providers, each provider may have different investment options and fees.

By consolidating your pensions, we can recommend a provider that offers the investment options that are best for you, giving you more control over your retirement savings.

what are the negatives of pension consolidation?

loss of guaranteed benefits

Your existing pensions may contain guaranteed benefits. This could include a guaranteed income in retirement.

Before consolidating your pensions, it's important that we carefully consider any guarantee benefits.

exit fees

Consolidating your pensions may result in exit fees.

Some providers charge exit fees if you move your pension to another provider, which can be costly.

Before consolidating your pensions, we will check for any exit fees and factor them into our recommendation.

“a very professional service, providing support and information throughout the transfer process.”

Get advice on whether consolidating your pensions is the right option for you.
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H Greenwood
Client since 2021

how can i consolidate my pensions?

If you're considering pension consolidation, it's a good idea to speak with a financial planner who can help you to assess the benefits and drawbacks, and make an informed decision that is right for you.

If you want to find out more if consolidating your pensions could be the right decision for you, please get in touch.
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Our initial consultations are at our expense, and there's no commitment to stay with us after our discussion with you.
We want to help you get on the right track for your retirement, whether that's travelling the world or spending more time with the grandkids.

We'll be with you every step of the way as your financial partner for life - if you'll have us!
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