To consolidate or not to consolidate? That is your pension question.
For some years now, it has been increasingly rare for people to spend their working lives with just one employer. People tend to move company and make career changes and women often take time out to have, and look, after children.
This means it's perfectly normal, when approaching retirement age and starting to plan for life after work, for people to find that they have perhaps two or three separate pension pots, from times with different employers, which will be with different funds and of different kinds. The question everybody faces is: should all these pensions be consolidated into one, or left separate?
There’s no single right or wrong answer. It will depend on individual circumstances and the nature of your pension funds. You should always seek professional advice on this.
In favour of consolidating:
On the other hand:
Consolidating pensions can potentially provide some great outcomes in terms of planning and controlling your retirement outcomes. It's one of the first things you should consider when formulating your retirement strategy, but make sure you seek out proper, qualified advice.
It is important that no actions should be taken without first taking advice. Personal circumstances and an individual's appetite for risk means that the advice for one person may not be the same for everyone. The information in this blog or any response to comments should not be regarded as financial advice. Reeves do not advise on Defined Benefit pension schemes. Reeves do introduce a third party specialists in areas of work we do not cover.