Ask the Experts: Should I consolidate my three pensions into one pension pot?

Consolidating company pensions is nell on ncis los angeles pregnant in real life With the introduction of auto-enrolment this means many people are likely to end up with several pensions by the time they retire, and to have to grapple with multiple schemes. With the increased paperwork and costs of having many different pension pots, it may make more sense to combine these into a single pension pot. Some of the advantages of consolidating include. Broadening your investment choice. particularly with a Self-Invested Personal Pension SIPP or a Small Self-Administered Scheme SSAS, which we discuss later Older schemes may not allow you to withdraw capital early as you can with the new pension freedoms introduced in 2015 A larger fund may reduce costs with some providers or platforms You should be able to transfer your pensions in a short space of time if your pension provider has signed up to a paperless transfer service. [PUNIQGOOGLESNIPMIX-1

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How can I combine old pensions into one? I served a reasonable length of time with both employers and I'm not set to retire for another 15 years, but I've no idea where to begin in terms of making sure I can still get the benefits of them when the time comes. So how can I liberate these pensions and what are my rights? Jacob, New Ross, Co Wexford Work practices have changed a lot over the years, but pension rules remain stubbornly rigid, and the introduction of PRSAs did very little to alleviate this lack of flexibility. I routinely come across clients with four or more old pensions, either from old employments or their own personal pensions, and it is a major headache to consolidate them into one single pension.

Associate Director 19th July 2018 Many people move jobs throughout their working lives and, as a result, can accumulate multiple pensions. These separate pots of money can be easy to forget and even more difficult to maintain and monitor with the passage of time. One obvious option is to consolidate these pockets of money into one combined pension, but, while it may make it easier to keep track of your money and where it is invested, this approach may not suit everyone.


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