Benefits of pension consolidation

It’s easier to keep track and manage your pension

Managing your retirement savings can be challenging when you have multiple pension pots. By combining your pensions, you only need to keep track of one pension with a single provider, which could make it much easier to get help, update your account, and allow you to calculate any extra savings you may need to reach your retirement goals.

You could reduce ongoing fees

For each pension you currently have there is a fee charged by the provider to manage your pension. Combining pensions could help to reduce the amount of fees you are currently paying. Our fees are 0.50% per year, based on the value of your investment, and we’ll collect this from your account monthly in arrears. Wherever possible, we will always take our fee from any free cash on your account. If there is no cash available, then we’ll raise the required fee by selling a small proportion of your assets in line with your fund selection sufficient to satisfy the fee.

Greater investment performance potential

Many people move their pensions because they’re looking for a plan that offers a better return on their investment to boost their retirement savings. Only having one pension to look after means you can choose a single plan that matches your appetite for risk, and how you want your money to be invested. It’s always important to read fund factsheets, to see how your money will be invested as well as how the investments have performed in the past. However, remember that returns are never guaranteed, and past performance isn’t necessarily indicative of future results.