Tidying up your pension - Should you merge your pensions into one pot?

11 Nov 2019

pensionsMany workers approaching retirement age have probably worked for several companies in their lifetime, and with it, contributed towards several pensions. Employees don’t always understand work pensions and assume they lose it or forget about it when they change jobs.

The burning question is whether it is advisable to consolidate all these pensions into one pot. 

There are definite advantages in doing this, however, you always need to look at the rules and terms and conditions of each individual pension, and speak to a financial adviser to advise if it is suitable for your individual financial circumstances.

Benefits of merging your pension pots into one

• It helps manage and keep track of all your retirement savings in one place
• You have more choices available as to where you can invest your pension – this allows you to diversify your pension and spread your risk
• You might save money if you transfer pensions to lower cost schemes
• Enables you to invest according to your own financial priorities and risk appetite

It is always recommended to first speak to your deVere Acuma adviser, so they can give you the best advice and options before making this important decision regarding your pension transfer. They will look at your current financial situation and advise on the best course of action for your individual circumstances. [email protected]

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.