Should I consolidate my pensions myself?
With millions of pension pots lost across the UK, it’s no surprise that the government is now stepping in to help tackle the issue. In fact, new plans could see a £1,000 boost to your retirement savings just by bringing small pots together.
If you’ve been considering consolidating your pensions, now’s the time. But should you tackle it solo, or get help?
Well... would you do your own MOT? Putting the illegality of a DIY MOT aside, most of us simply wouldn’t know what to look for. Pensions are the same – and it’s your financial future at stake.
Why pension consolidation should be left to the experts
Managing your retirement savings in one place is a great idea – simpler to keep track of, potential savings on fees, and a clearer view of your financial future. It might even feel tempting to do it yourself. After all, many pension providers offer easy online consolidation options. But just like you wouldn’t carry out your own MOT, pension consolidation is something that’s best left to us.
What is pension consolidation?
Pension consolidation is when you combine multiple pension pots into a single scheme. On the surface, it sounds simple – but every pension pot is different. Each can come with its own set of rules, fees, benefits, and protections that need careful consideration. Without the right advice, it’s easy to overlook valuable entitlements or make costly mistakes.
Pensions can be complex
Pensions are not all built the same. There are various types of pensions, like defined benefit and defined contribution schemes, each with its own quirks. We can help you navigate these complexities and make sure you understand what you’re getting into.
Protect valuable benefits
Many pensions come with hidden benefits you might not even realise you have, such as guaranteed annuity rates, protected tax-free cash, or loyalty bonuses. Transferring without advice could mean giving these up for good. We’ll check the fine print of each of your pension pots and ensure consolidating is in alignment with your financial position and goals.
At Simpson Financial Services, we’re here to make pension consolidation simple, safe, and tailored to you. Our expert advisers will take the time to understand your unique circumstances, explain your options clearly, and help you make confident decisions about your future.
Book a free, no-obligation engagement meeting today.
