Leo Alexander talks all about combining pensions.
Table of Contents
Can I combine all my pensions into one?
The short answer is that money purchase pensions, otherwise known as defined contribution pensions, can usually be combined into one, yes.
How do I combine all my pensions? How does it work?
When we speak with clients, we gather all the relevant information about their current pensions from the different providers. We then provide recommendations on which should be combined and take it from there.
Are there any pensions that I can’t combine?
Yes, some pensions can’t be combined, or are inadvisable to combine. For example, some older pensions do have beneficial guarantees which may be lost if they were to be combined – so it’s really important that people receive professional advice. You need to make sure that you’re not missing out on something as part of an older pension which might actually be really useful to you.
How do I find old pension pots?
The government has a website to help you trace your old pensions. You’ll just need some basic details about your pension and your employer plus your national insurance number. That should bring up the information needed.
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You might be worried that you don’t have enough, or be embarrassed by something you’ve done – perhaps your pension or investment has gone down in value. But everybody’s in the same boat.
Don’t worry we’re here to guide you through that.
Will combining my pensions help growth?
It depends. Many pension schemes operate a tiered charging system which means that the percentage the pension company charges to hold your pension decreases as your pot gets larger. Combining your pensions may mean that your account charges reduce, which could positively impact growth over the longer term.
What are the benefits of combining pensions?
As well as the potential reduction in the pension charges mentioned earlier, combining your pensions also reduces the ongoing administration. Putting them all under one roof makes them easier to manage.
What costs are involved with combining your pensions?
That really depends on the number of pensions you have and the level of complexity involved. We’d offer a no obligation consultation to any prospective client who might be interested in combining their pensions. We’d explain the exact cost as part of that process.