Pension consolidation is the process of amalgamating multiple pension pots from different providers into a single pension plan.
This is typically done to simplify the management of retirement savings, reduce administrative fees, and have a clearer view of the total pension assets. By consolidating pensions, you can more easily track their funds, make informed decisions regarding their retirement planning, and possibly gain better control over their investment strategies.
However, it’s crucial to consider any loss of benefits or charges that may apply before proceeding with pension consolidation, and professional advice may be beneficial to ensure the consolidation aligns with one’s long-term financial goals.
Through Pensions Advice UK you can access two types of pension service that are designed to help you combine your pensions into 1 easy to manage plan…