Many workers approaching retirement age have probably worked for several companies in their lifetime, and with it, contributed towards several pensions. Employees don’t always understand work pensions and assume they lose it or forget about it when they change jobs.
The burning question is whether it is advisable to consolidate all these pensions into one pot.
There are definite advantages in doing this, however, you always need to look at the rules and terms and conditions of each individual pension, and speak to a financial adviser to advise if it is suitable for your individual financial circumstances.
Benefits of merging your pension pots into one
• It helps manage and keep track of all your retirement savings in one place
• You have more choices available as to where you can invest your pension – this allows you to diversify your pension and spread your risk
• You might save money if you transfer pensions to lower cost schemes
• Enables you to invest according to your own financial priorities and risk appetite
To get the best advice and options before making this important decision regarding your pension transfer it is always recommended to first speak to your financial adviser.
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