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best way to combine my pensions?

06 December 2021

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Question by Amanda

I have three different pensions that are not doing much, with not a lot in them. What is the best way to combine them?

Answered by Kris Amliwala

Hi Amanda,

Thanks for your question. This firstly depends on the types of pension, for example, if they are defined benefits or have any guarantees or bonuses, it might be best to leave those where they are. If none of these factors apply, then combining them into one place that is low cost, provides online access and allows you to complete a nomination of beneficiary/wishes form I think are all useful factors to consider.

To do this, there are many pension companies online that allow you to compare fees and features. Once you've chosen your preferred home for the new pensions, then that company would have the relevant transfer paperwork for you to complete, to allow them to pull the money across from your current pension providers.

If you're not wanting to look at the DIY approach, or with any assistance from any robo-advice and if you're ready to start thinking about developing a financial life plan for the future, then it could be time to seek a financial planner who could help you achieve both in one go.

Hope this helps.

Answered by

Kris Amliwala

Chartered Financial Planner

I really enjoy helping people align their wealth to their life goals and ambitions. By first spending time in understanding you, your life and your goals, before looking at cashflow planning and then if needed, any financial solutions, I find delivers the most rewards.