Combining Pension Pots

Very few of us remain in the same job from school to retirement, and that can result in several different pension pots. Combining them all can make financial sense, but only if it is handled in the right way. Our pension advice can help you with that.

Things to be aware of when combining pensions

The downside of combining pension pots include exit penalties, guarantees which will be lost on transfer, expensive pension advice, or a mistake resulting in higher pension charges. The path you decide to take with your pension savings will depend on what kind of pension you have. When you are moving between pension schemes always be aware of the benefits that you are giving up. You may need a high level of investment return to match what is provided by your current pension scheme.

Other types of pensions, such as money purchaseoccupational schemes, or personal pensions may be worth combining into one place. This type of pension relies heavily on contributions and investment growth to build up a pension fund. By bringing these pensions under one roof, you can benefit from lower charges as well as boosting fund performance. You will also be able to keep a clear eye of your pension performance.

Finding a new pension

Combining your pension pots is an excellent opportunity to get the most suitable pension scheme possible. It is worth considering what the annual management charges are, how you could save on them, the investment performance of the fund and any future exit fees. Some pension investors like the freedom to choose their funds, using self-invested personal pensions.

Combining your pension pots, even if they're small pension pots, is an ideal opportunity to seek pension advice. Remember, a good financial adviser should make your retirement much more manageable by finding the best pension investment possible. If you need help combining your pensions pots, please fill in a free enquiry form and a specialist pensions adviser will contact you.

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Contact us

You can also request contact details from the Pension Tracing Service by phone or by post.

The Pension Tracing Service
Telephone: 0800 1223 170
From outside the UK: +44 (0) 1782 389134
Monday to Friday, 9:00 am to 5:30 pm

Address
The Pension Tracing Service
400 Pavilion Road
Northampton
NN4 7PA

Copyright 2020 by Pension Tracing Service ® ​

The Pension Tracing Service ® is a trading style of the Better Retirement Group Ltd. We are authorised and regulated by the Financial Conduct Authority. FCA number 153420. Our registered office is 400 Pavilion Road Northampton NN4 7PA ​

This service is not affiliated with the Department of Work and Pensions or any government body. The Pension Tracing Service does not offer financial advice to our clients. However we can allocate you an Authorised and Regulated Pension Specialist.

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