Long service awards are a thing of the past. These days most people change job many times through their career and it is increasingly common to have periods of self-employment. This way of working can harm your pensions, leaving you with a random collection of pension schemes, gaps in contributions and an expanding drawer full of neglected pension statements. As the years go by, changes in the pension rules and antiquated administration systems can also result in the loss of valuable pension benefits.
Our pension consolidation service brings order to your retirement plans and restores the key purpose of your pensions – to help you retire comfortably. The result is a simplified, effective and consolidated pension plan. This is achieved by following strict processes that leave no stone unturned.
We make thorough investigations into all of your pensions.
There are many benefits that can be lost when you transfer your pension plans:
- Protected tax free lump sums
- Loyalty bonuses
- Discretionary enhancements
- Statutory protections
- Pension Life Assurance
- Guaranteed maturity values
- Guaranteed annuity rates
- Protected investment returns
- Statutory increases
- Protected Rights
Monthly administration charges
Some older pension schemes may have features you might prefer to lose because they can hold back growth in your pension funds. These include:
- Capital Units with high annual costs
- Investment fund switching charges
- Closed investment funds
- Penalties on early retirement
- Charges for ceasing contributions
It can be a minefield because there are dozens of different types of pension scheme and each one has its own particular set of variations. This has all come about because of changes in legislation and changes in employer pension scheme structures, not to mention pension companies changing hands (and names!) from time to time.
We bring the information together and suggest ways to improve your retirement.
Getting the information on all of your pensions into a helpful summary gives you a clear idea of the value of your pension benefits. We can advise you on which of your pension schemes could be improved upon and which ones you should leave untouched. This advice is provided in the context of your own personal strategy, considering when you are aiming to retire, your target retirement income, your views on investment risk and your wider financial situation.
For further information or to speak to an adviser, please contact us.