Our experts can keep you on the right track
There’s a good chance you’ll have more than one job during your lifetime. Because of this, you may have several pensions tucked away. Combining pensions simply means transferring one or more pensions into another, so all your money's under one roof. This makes things easier to manage, resulting in less paperwork and a clearer view of what you’ve got for the future.
It can also be more straightforward when it comes to accessing your money. The most important thing to know is that it’s not right for everyone. You'll need to make sure there are no negative consequences for your money.
Our advisers take you through what to consider
You might lose valuable guaranteed benefits if you transfer a pension. Think of these like promises a pension provider has made to you. A common example is being promised a certain level of income. Giving this up could leave you worse off, even if there are other positives to be had. It’s important to seek advice if you’re thinking about combining pensions so that you understand the risks, and whether or not it’s right for you.
As advisers, we can help by…
Looking in detail at your pensions and whether they have any guaranteed benefits. We’ll weigh these against the potential benefits of transferring your pension elsewhere, and recommend the most suitable way forward. It can provide peace of mind knowing an expert’s helping you avoid any pitfalls.
You may be able to access investments that are better suited to your goals and appetite for risk. Some pension providers will have a much broader selection of investments than others. Like charges, how your pension is invested can have an effect on what it’s worth in the future, so this is a key area to think about carefully.
As advisers, we can help by…
Reviewing in detail what investment options are like at each of the pension providers. We’ll compare this with your goals and how comfortable you are with risk. Doing so will enable us to pinpoint which investments are most suitable.
A big draw of combining pensions is the potential it has to save you money. You pay various charges for your pension to be run on your behalf. These cover the likes of investment management to day-to-day admin. Pension providers all charge differently, so it’s likely you’re paying different amounts depending on each pension you have. By transferring a pension with higher charges to a pension with lower charges, you could save money over the long term. Also keep an eye out for exit charges – some providers charge when you transfer a pension from them.
As advisers, we can help by…
Comparing what you’re paying. Even small differences can have a knock-on effect for how much your pension might be worth in the future, so we’ll explain what this means for you. Depending on your circumstances, transferring to a pension with higher charges might even be the most appropriate thing to do. This is because they may be offset by the likes of better suited investment options. Understanding how charges work and their implications can be tricky, so it can pay off to have an expert do it for you.
The benefits of combining your pensions with M&G Wealth Advice
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We're here to help, not judge. We'll listen to your goals, worries and personal circumstances.
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No matter where you are in life, we can help you decide if combining pensions is right for you.
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