Pension Consolidation2019-01-03T16:51:11+00:00

NEED HELP WITH PENSION CONSOLIDATION?

If you have lot of small pension pots or multiple pensions then Pension Consolidation could make it easier for you to track your money, control where and how you invest your pension and could reduce the fees you are paying.

 

COMBINE MY PENSIONS

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Full Pension Appraisal

5* Service and Competitive Fees

SHOULD I COMBINE MY PENSIONS INTO ONE?

If you want to get your retirement plans on track, it could help to have your pensions in one easy-to-manage place. Here are just 4 benefits of pension consolidation.

unlock your pension for drawdown

Unlock your pension for drawdown

reduce fees pension consolidation

It could reduce your fees

investment choice

Offer greater investment choice & flexibility

monitor your pension

Make it easier to track your pension goals

TALK TO A PENSION SPECIALIST

HOW WE CAN HELP WITH PENSION TRANSFER & CONSOLIDATION SERVICE

Pension Transfers and consolidation are our speciality. Our friendly, expert team has been helping people to transfer their pensions since 2007. Our process is designed to make sure you get the information you need to make an informed decision and get the best outcome for you. If we think a pension transfer is not in your best interests, we’ll let you know.

If you have a Defined Benefit pension with a transfer value over £30,000 it is a regulatory requirement that you receive advice from a Qualified Pension Transfer Specialist before moving your pension. On top of this, all but one of the main SIPP providers now require proof that you have not only received financial advice from a qualified individual but that you also have a positive recommendation to transfer before they will accept a transfer.

Not all Final Salary pensions can be cashed in. If you’re in an unfunded public sector scheme such as Teachers, Firefighters, NHS workers, Police and the Armed Forces you are not able to transfer out.

EXPERT INDEPENDENT ADVICE YOU CAN TRUST

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It can be difficult to decide if you should put all your pensions together. But our specialist Pension Transfer team can provide in-depth analysis and expert advice tailored to you. We’re here to help every step of the way. So you can be confident you’ll make the right choice for your future.

TALK TO A PENSION SPECIALIST

A PENSION THAT’S TAILORED TO YOU

We don’t believe in square pegs for round holes, so we’ll help to build a pension plan to suit you.

A one-size-fits-all solution from an old employer may not be the best fit for your pension planning.

Because we have access to the whole market we can find a bespoke pension solution to fit your needs. No more square pegs for round holes!

TALK TO US ABOUT A TAILORED PENSION PLAN

PASSIONATE ABOUT PENSIONS

  • Pension Transfer Specialists since 2007

  • Experts in Defined Benefit Pension Transfer

  • FCA Regulated, Independent Advice

  • 5* Rated Customer Service

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moving jobs

MOVING JOBS?

With the average UK worker changing employers 6 times in their lifetime you might find yourself with a number of smaller pension pots. Whilst it may be beneficial to move them into one pension pot there are a number of things to consider before moving your old pension pots:

  • Check you aren’t giving up any valuable guarantees

  • Understand any exit costs of transferring your pension

  • Do you have a plan to manage your pension moving forward?

Talk to a Pension Specialist

There are many reasons why you might want to consider a pension consolidation service or move your existing pensions to another scheme or provider before you reach retirement. You may be looking for better fund performance, lower charges, better death benefits; or simply changing jobs. Whatever the reason, we can help make pension consolidation easy.

Most schemes will allow you to move your pension pot to another pension scheme or combine all your pensions into one. This could be a new employer’s workplace pension scheme, a personal pension scheme, a self-invested personal pension (SIPP) or a stakeholder pension (SHP) scheme. You don’t have to decide straight away – you can generally do this at any time up to a year before the date that you are expected to start drawing retirement benefits. In some cases, it’s also possible to move to a new pension provider after you have started to draw retirement benefits. Before taking any action, it is essential you obtain professional, expert financial advice.

Moving to a new employer

When you leave one job to move to another one, you are treated as having left the workplace pension scheme, but you do not lose the benefits you have built up. At this stage, you may decide that you want to move your pot to the scheme offered by your new workplace. But if you are thinking about doing this, it is important to do it for financial – and not emotional – reasons. It’s crucial that you don’t move your pension pot out of a first-rate scheme simply because you want to cut all links with an old employer.

Looking for better performance

Pension pot consolidation is often a consideration if your money is stuck in an under-performing pension scheme delivering poor – or non-existent – returns. If your scheme is performing poorly, you may well want to move your money elsewhere. But once again you need to ask yourself whether you are prepared to invest your pension pot in a potentially higher risk fund in order to get a better return.

If you are approaching retirement age, you need to think particularly carefully before making such a decision.

Seeking out lower charges

You may want to consolidate your pension because your scheme comes with high charges which eat into your returns, leaving you with less money in retirement.

Wanting to access a wider range of funds

At the same time, moving your pension pot or combining all pensions into one may sound like a good option if you want to gain access to a wider range of funds than those offered by your current scheme.

Searching for better death benefits

If you feel the death benefits on offer with your current scheme do not match up to those offered by more modern schemes, you may want to move your pension to a different scheme. You might, for example, want to move your money into a scheme that allows one of your relatives to inherit your pension when you die, rather than simply spouses or dependents. If you are unmarried but have a long-term partner who you want to inherit your pension once you’re gone, the same might apply.

Wanting to consolidate several pensions

As people change jobs more frequently during their working life, they often accumulate a number of small pensions along the way. It can be hard keeping track of schemes, and difficult to really know how much your total retirement is worth. For this reason, some savers may want to clean up their finances by moving their old workplace pensions into one pot.

Think carefully before making the switch

You need to be careful before moving your pension pot out of certain schemes – including public sector schemes, such as the nurses’ or teachers’ schemes – as these offer extremely generous benefits which can be hard to replicate elsewhere. Equally, if you are thinking about moving your personal pension to another provider, you must check that the benefits are not outweighed by any exit penalties and entry charges.

pension consolidation
If you’d like to speak to a Financial Adviser call us on 02380 981161 or send us an email at info@2020financial.co.uk

NEED HELP MOVING A PENSION?


If you need advice or would like help moving a pension, our team are on hand to help. Talk to a Pension Specialist today, without obligation and no hard-sell, just friendly, professional advice.

Request a callback and one of our team will be on touch.

Speak to a pension specialist