Pension Consolidation: Everything You Need To Know

Pension consolidation involves the combining of multiple pension pots into a single “fund” – whether that means transferring everything into one of your existing schemes or switching into a new one into which you’ll move all current savings.

In this article, Hilltop Finance will answer some vital FAQs on pension consolidation, providing useful responses to any queries you may have around the topic.

What is Pension Consolidation?

You may have multiple pensions, whether they are “old workplace pensions” that you have accumulated as a result of working numerous jobs or individual pension schemes that you have opened as a self-employed person or otherwise.

The term “pension consolidation” refers to the act of collecting the content of all of these existing retirement funds into one single “pot”.

Consolidation may allow you to take advantage of better performance or ethical funding alternatives that aren’t available on your existing plans. Not only this, but you could also simplify administration and save money by consolidating pensions.

I Have Three Different Pensions – What Shall I Do?

When you start accumulating retirement pots – whether you have three, five or even more – it could be practical to consolidate all pensions into one fund.

This may make your funds easier to manage, less paperwork, as well as potentially saving you money by not paying multiple pension provider fees.

A pension advisor can help you to find the most practical and beneficial way to do this.

I Have Several Small Pension Pots: Can I Consolidate My Pensions?

Absolutely. As long as you have two or more pensions, you can combine them in a way that suits you.

There are many arguments as to why you might choose to do this. Firstly, it makes your finances far easier to manage.

You’ll only have one set of paperwork to deal with, and it’s much easier to keep track of how much you’re saving if it’s all in one place.

Secondly, it may save you money. Different funds are likely to come with their own fees, so combining your pensions may help you to choose the scheme that works best for you financially before whittling any charges down to a single payment.

Finally, moving your savings into a carefully chosen scheme may also give you the power to choose where that money is invested – if you have opted for a pension that provides this option.

Of course, Pension Consolidation may not be right for everyone, so please speak with a consolidation specialist before any decision.

Should I Amalgamate Pensions?

Many individuals with multiple retirement funds find themselves asking the question “how should I amalgamate my pensions?”.

The answer depends on multiple factors – including:
1. The number of pensions you have
2. The amount you are saving
3. The benefits of each of your existing schemes versus the pros of transferring everything into a brand new “pot”.

These matters can be tough to navigate in order to find the very best arrangement. However, an experienced pension advisor can discuss your savings with you and come up with a tailored plan to merge your pensions in a way that is easy to manage and may save you money.

Capital at risk, the value of your investments may go down as well as up, and you may get back less than the amount invested.

How to Transfer Pension Pots

You may potentially get more from your pension funds by transferring your policies into one carefully chosen scheme.

The easiest and most effective way to do this is usually to get in touch with a pension advisor, who will assess your options and get all your pensions together in a way that is as beneficial as possible for you.

This approach will save you time, effort and stress, and could put you in a better financial position for future growth than you were previously.

For further information about the pension services and advice provided by Hilltop Finance, simply fill out our straightforward online contact form today.

We’ll be in touch as quickly as we can to set up a free, no-obligation consultation with one of our specialist consolidation advisers.

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Even after you’ve done your research, you’ll probably still have some questions. Why not give one of our friendly team a call and explore whether financial planning advice might be right for you.

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Important information: Our website offers information about investing and saving, but not personal advice. If you’re not sure which services are right for you, please request advice from Hilltop’s financial advisers. Remember that investments can go up and down in value, so you could get back less than you put in.

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