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Retirement
Millions of pounds are held in pension pots
that individuals have lost track of over the
years. Forgotten pensions are especially
common among those who have changed
jobs frequently or moved home several times.
While lower charges should not be the sole
Consolidating pensions can create an
However, every pension is different, and
reason to transfer a pension, understanding
opportunity to reassess your investment strategy
consolidation is not suitable in all circumstances.
what you are paying and how your investments
and ensure it aligns with your current objectives.
Careful consideration of charges, benefits,
are performing can help ensure your retirement
Whether your focus is long-term growth, protecting
investment options and retirement objectives is
savings work as efficiently as possible.
accumulated wealth or generating retirement
essential before proceeding. t
A consolidated pension may also make it easier
income, a single pension plan can make ongoing
to align your investments with your personal
reviews more straightforward.
objectives and risk tolerance.
Tracking down lost pension pots
Reviewing valuable pension benefits
Millions of pounds are held in pension pots that
Although pension consolidation can offer many
individuals have lost track of over the years.
advantages, it is important to remember that
Forgotten pensions are especially common among
transferring pensions is not always the best
those who have changed jobs frequently or moved
option. Some older schemes include valuable
home several times.
guarantees, protected tax-free cash entitlements
Before considering consolidation, it is
or other benefits that could be lost if the pension
worth taking time to locate any missing pensions.
is transferred.
Even relatively small pots can contribute
Before making any transfer decisions, it is
significantly to your retirement savings over the
essential to understand exactly what each pension
long term. Pension tracing services and provider
offers. Seeking professional advice can help
records can often help reconnect savers with
ensure that potentially valuable features are not
forgotten funds.
overlooked and that any transfer is suitable for your
individual circumstances.
Making retirement planning easier
Bringing pensions together into one plan can
Aligning your investments with your goals
simplify retirement planning, improve visibility and
As people move through different stages of life, their
make it easier to manage your long-term financial
financial priorities often change. Investments that
future. For many people, consolidation provides
were appropriate in your 30s may not be suitable as
greater control, less administration and a clearer
retirement draws nearer.
understanding of their retirement position.
Want to discover how
your pensions could add up?
If you would like further information
on pension consolidation, retirement
planning or reviewing your existing pension
arrangements, contact us today. We can
help you assess your options, understand
the potential benefits and risks and build a
retirement strategy to support your long-term
financial wellbeing.
Source data:
[1] Pensions Policy Institute published in Briefing
Note 138: Lost Pensions 2024 on Thursday 24
October 2024
This article does not constitute tax, legal or financial
advice and should not be relied upon as such. for
guidance, seek professional advice.
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