There was a time when people had jobs for life, but things are very different in the 21st century with people moving jobs several times during their careers. The net result of this is that many find themselves with numerous different company pension schemes that they’ve paid into.
Even if you’ve not had what you might call a lot of jobs, you might still have various pensions plans that need keeping track of. One way to make this easier is to combine them all into one single, easy-to-manage pot. We look at that subject in a little closer detail today, so that you know if it represents a good move for you.
Pot Consolidation Makes it Easier
Also sometimes referred to as a ‘pension transfer’, a pension pot consolidation is an official arrangement where you organise all of your pensions in a single place. This means fewer management charges and statements to look through, which should ultimately mean that you have a less stressful time managing your pension affairs. It often results in more efficient use of your money too.
That said, not every kind of pension can be or should be consolidated in this way. So, it’s crucial that you understand what’s involved and what you stand to gain to by transferring. It often requires the involvement of a pension professional, as the complexity of some people’s affairs needs an expert eye to decide whether you’re better off by combining your various pensions or not.
How Do You Go About Combining Your Pensions?
Well, if you’re looking for an expert hand to guide you through the pension minefield, we recommend using a company we deal with called Evason Fildes Ltd. They offer honest, unbiased advice on your pension needs and we often introduce our clients to them due to their diligence and reputation for finding the best solutions for their customers.
You can find out more about them by visiting them online at www.evasonfildes.com. They work with the country’s top insurers to find the best solutions for their clients, so if you want the Be Money Savvy team to make an introduction for you, just let us know.
Of course, there are other places you can go for free, impartial advice, like the Pensions Advisory service or your local neighbourhood independent financial advisor (IFA). Whoever you end up speaking to, just make sure that they have sufficient experience in the pension industry.
Get Your Pension Situation Sorted and Get Peace of Mind
However you look at things, you need to ensure that your future is secure and one way to do that is to effectively and efficiently manage your pension portfolio. Having the correct arrangement in place can save you thousands of pounds in the long run, so you need to know 100% that you’re doing things in the correct way.
At Be Money Savvy, we are all about helping our clients to live prudent financial lives and pensions represent a pretty major financial aspect of anyone’s life. If you would like to know more about us and the comprehensive home and life insurance policies we offer, visit us online at www.bemoneysavvy.co.uk.
Thanks for reading our blog. We hope that it has shown you that the very least you should do is review your pensions and speak to an experienced professional to help you decide your next move. We’ll be back with more from the home of prudent financial living again soon.