Can I consolidate multiple pension pots on a platform like Vanguard?
06 September 2021
Question by Precious
I have a few pension pots from previous work places and I'd like to consolidate them into one pot. Can I transfer these to a platform like Vanguard?
Answered by Matt Angell
This is certainly possible but there are a number of things that you need to understand before moving any pension plans in case you give up any valuable benefits.
If any of your pensions have any of the following then I would recommend you seek some professional help.
* GMP would give you a guaranteed minimum pension at a set age
* Protected tax-free cash could mean you are entitled to more than the standard 25%
* You have a defined benefit plan or also known as a final salary pension.
These are a few of the things you need to consider, alongside the costs etc of the old plans to the new plan.
Using a platform such as Vanguard will be fairly straight forward but please look out for the above as wouldn't want you to lose some of those valuable benefits.
Founder & Financial Planner
I am the founder of Creative Lifestyle Planning, an independent financial planning firm that works with many families across the UK. Matt specialises in helping families to answer those all important questions they have on their mind and helping many clients gain a clearer, simply understanding of when and how to they can retire.