What are the benefits of combining a pension?
Combining old pensions can be a smart move for several reasons: It can help make managing your retirement savings more convenient as everything is in one place.
It cuts down on future admin as you’ll only need to think about one pension when it comes to retirement, rather than several pensions in different places.
It could give you more control and flexibility over your hard-earned money. However, there may be some drawbacks to consider:
You may have to pay exit fees.
You may lose out on valuable benefits or guarantees associated with the old pension (we won’t transfer a pension which has safeguarded benefits like this).
If you’re unsure, we suggest speaking to a financial advisor, who can help you make the right decision for your situation. You can find regulated and impartial advisers through the MoneyHelper website.
Or, if you’re over 50 you can get free and impartial guidance through Pension Wise.
