Pension Consolidation

Fewer statements are only part of the decision

It is easy to accumulate pensions as you change employers. Bringing some plans together may make them easier to follow, but administrative simplicity is not enough reason to transfer.

Every pension has its own terms. A careful review compares the benefits of keeping each arrangement with the costs, features and risks of a proposed alternative.

Check what could be lost

An existing pension may include guarantees, protected access rights or other valuable features. Moving it can mean giving these up, and some losses cannot be reversed.

Defined benefit pensions and arrangements with safeguarded benefits require particular care. We establish the type of pension first, explain the advice scope available and identify when specialist advice is necessary.

Compare the complete arrangements

Charges, investment options, retirement flexibility and the service provided should be considered together. A lower headline charge does not necessarily make a transfer suitable, and more investment choice is not automatically an advantage.

It may be appropriate to retain some pensions and review others. Ongoing employer contributions and any associated benefits also need to be understood before changing a workplace arrangement.

Information for a pension review

• Provider names, policy numbers and current statements
• Details of guarantees, protections and scheme benefits
• Current charges and any transfer or exit costs
• Employer contributions and active workplace membership
• Your retirement goals and reasons for considering consolidation

We explain the comparison and recommendation before any agreed transfer is started. Do not give up an existing arrangement simply to reduce paperwork without first understanding what it provides.