Pension Consolidation
In this fast-changing World, there are few of us who stay in the same job from leaving education through to retirement and consequently many clients have a built up a number of pension plans in their lifetime.
Managing these various plans takes time and effort and for most this is either not possible or not desirable. Pension consolidation involves bringing all of your separate pension plans together and combining them into one single pension. When we consider consolidation there are various types of pension to consider and final salary pensions are treated separately due to their individual complications however, personal pensions or deferred money purchase occupational schemes would be included.
The main purpose of consolidation would be to boost your income in retirement and therefore as part of the review of your existing plans and in order to ascertain if consolidation was appropriate, we analyse each individual pension plan. Areas that we would focus on would be fund availability, past performance, the existing charging structure and also if there any penalties for moving. We would also need to take into account your age, length of time until you retire and your attitude to risk. For those plans where we deem them suitable for consolidation, we would then source a suitable provider to satisfy your requirements.
Examples of pensions you may have accumulated:
- Personal Pension Plans
- Occupational Final Salary
- Occupational Money Purchase
- Section 32
- Executive Plan
- Workplace Auto Enrolment
- Stakeholder
- SIPP
For an initial enquiry or a comprehensive financial review please email enquiries@pennymatters.co.uk
