How can I consolidate my pensions?
29 July 2021
Question by Adam
How can I consolidate my pensions? I have a SIPP that was set for me in the past and another SIPP that I've set myself + 2 workplace pensions. Should I consolidate these?
Answered by Boring Money
As a Financial Adviser, when considering whether the consolidation of pension plans would be suitable for a client, I consider a number of factors such as their objectives, long term goals and current circumstances.
I would use this information to then review the Pension plans and their suitability to you in their current state, and in particular focus upon the retirement options available, investment strategies available to each plan, and the costs and charges applied to the pensions. These are likely to vary between providers, and it may be that some of them do not meet your needs or objectives.
There are many benefits to consolidating your pension plans, such as simplifying your affairs and making the administration of your funds easier.
Without knowing your current circumstances or reviewing the existing plans, I would be unable to comment on whether consolidation would be beneficial to you.
By employing a Financial Adviser to facilitate this for you, it eases the burden of ensuring whether it is suitable, and also the paperwork which would come with the process of consolidation. If you would like to receive bespoke financial advice tailored to your needs and requirements, please do not hesitate to contact me.
Alternatively, you are likely to find a provider using the Pick a Product section of this website where you can organise the consolidation yourself.
By necessity, this briefing can only provide a short overview and it is essential to seek professional financial advice before applying the contents of this article. This briefing does not constitute advice or a recommendation.