Can I consolidate multiple pension pots on a platform like Vanguard?

6 Sep, 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

Hi Precious,

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.

Thanks

Matt

Answered by

Matt Angell

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.

Creative Lifestyle Planning Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website http://www.sjp.co.uk/products. The ‘St. James's Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James's Place representatives.

Matt’s focus when starting Creative Lifestyle Planning was to make financial advice more focussed on an individual and families life in the past, present and the future using financial coaching to release any barriers you may have to live the life you wish to going forwards and provide a plan to give you financial peace of mind, safe in the knowledge that Creative Lifestyle Planning are taking care of their wider financial planning and are there to keep them on track to achieve their goals.

Matt has many interests outside of work including managing a non-league football team, playing golf very badly and having lots of time with his wife Lucy, Daughter Sophie and little Cockapoo Coco.

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