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Combining multiple plans
Many people have several plans that they have accrued over the years and some may be good, some may be indifferent and some may be downright awful.
In addition to the benefits discussed in the ‘why transfer’ section, amalgamating several plans into one also has benefits; namely
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1) Charges applied to pension plans are normally a percentage of the fund value. This percentage often reduces for larger sized pots of money. By combining your plans you could pay a lower overall charge. Some plans also charge separate administration fees, so by combining your plans you can avoid multiple charges
2) Managing your pension is much easier if it is all in one place. You can review your fund choice and make adjustments without the hassle of using several different providers.
3) If you want to make investment fund switches then you only need to deal with one provider, making it easier to run and manage your fund portfolio. |
Amalgamating plans may not always be the best route for every situation. You should never amalgamate pension plans purely for administrative ease on its own. This is because your existing plans may have some individual benefits that maybe hard or impossible to replicate in a new plan. If you are in any doubt take advantage of our pension review service.
If you have an old or frozen pension plan then you should have it reviewed by the qualified experts.
You may be able to:
- Increase the value of your pension
- Unlock your pension
- Consolidate your plans
- Save £thousands in pension charges
- Access better performing funds
- Release tax free cash from your plan
- Receive an immediate income
