How to merge different pensions?

If you are looking to merge different pensions you’ll need to create a personal pension account to transfer them into, so you have a single place for your retirement savings.

This is often known as combining or consolidating pensions. For most people this is an excellent idea with many advantages. Not least because you can take old and unloved pensions away from companies who hold them in funds which are not actively managed.

Once you’ve done this you can then continue to add to the pension until you draw down from it.

And there are 3 reasons why pensions are so effective for long term saving:

1. An additional 20% added by the Government to personal pension contributions.
2. You can’t get at the fund until at least aged 55, making the third reason possible:
3. The compounding effect of your contributions with active fund management.

Mopping up all those old and unloved pensions

While there are ways you can merge your own pensions using self-service investment platforms, there are checks you’ll need to do on all your old pensions before you can safely make the decision to merge them.

There may be guarantees or penalties applied to moving certain pensions, which would lose you money were you to transfer them from the current pension provider.

It’s always wise to seek Independent Financial Advice – it really is the only way to be sure you are making the right moves with those pensions you’ve worked hard for.

Here’s 7 steps we can do for you:

1. Simply bring in statements or letters with your old pension policy details.
2. You authorise us to act on your behalf and request the valuations from the pension providers.
3. We’ll assess your risk profile and recommend a portfolio of funds for your pension.
4. Next, with your approval, we’ll move them all into one place – a pension under your control.
5. Our investment team will actively manage your pension portfolio ongoing.
6. We’ll build a cashflow plan to age 100 and monitor this with you so you never run out of money.
7. Every six months we’ll meet with you to review your pension using easy read reports.

You’ll know where you stand every step of the way.

And be able to move on with your life knowing you’ve maximised the growth potential of your pensions.

When you fancy that we’d love to hear from you.

Please don’t delay – the sooner you get your pensions under control the sooner you can retire!

Interested in finding out more?

Seeking a second opinion on your financial future costs you nothing.

Simply call our friendly team on 0121 355 4455 or drop us an email to appointments@oaklandswealth.com to arrange a confidential chat.

Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises

clients around the Midlands on retirement planning, pensions & investments.

Her firm holds British Standard BS 8577 for client service & investment process.

Minimum investment is £500,000 (£650,000 for pension transfers).