My financial adviser wants me to consolidate my multiple company pension pots

My financial adviser wants me to consolidate my multiple company pension pots (worth £270k) by transfering the pensions from Standard Life, Aviva, L&G, Fidelity and HL to the Transact or Elevate platforms. What are these platforms reputations in the market? Are they reliable? Has Boring Money come across them before? Thanks.

Hi Anita,

Thank you for your question.

Having used both the Transact & Elevate platforms for a number of years, I have generally had good experiences with both. Aside from holding billions of pounds worth of client money, both providers have also won multiple awards over the years. I can only hope you have the same positive experience if you decide to proceed with the proposed transfers.

Before making a final decision, I would suggest asking your adviser why they have selected these platforms as the best home for your pension savings, over your existing providers. It could be the case that these providers will allow you to access your pension savings in a way that your existing providers won't, or that there might be cost benefits in moving and consolidating your pension funds. Whatever the reason (or reasons), your adviser should be able to confirm these to you, which should give you reassurance that the platform selection has been thoroughly thought out.

I hope you find this useful.

Best regards,

Lydia