Consolidation Service

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The value of investments and the income they produce can fall as well as rise. You may get back less than you invested.
Transferring from a final salary scheme will not be suitable for most people.

Consolidation Service

If you have several different pension/investment pots, there are potential advantages if you consolidate them into one. You:

  • can keep track of and manage your pension/investment savings more easily.
  • may save money if you can transfer from higher-cost schemes to a lower-cost one.
  • may open up a greater choice of investments if you’re consolidating your pension/investment pots into one flexible scheme.

However, when it comes to pensions there are potential downsides to watch for too:

  • In general it is a bad idea to transfer out of a defined benefit pension scheme – the guaranteed retirement income they offer shields you from investment risk.
  • If any of your existing pension schemes offers Guaranteed Annuity Rates, then consider the implications carefully before transferring out – if you are planning on buying an annuity with your pension pot these guarantees are valuable.
  • Check whether you’ll be charged by any of your pension providers for transferring money out of their scheme.
  • Your current plans may have lower charges.
  • Your current plans may have guaranteed investment returns and/or maturity values that would be lost on transfer.
  • Consideration should also be made of the effect of charges for advice.

Again, get financial advice before moving your pension schemes, unless you are confident that you understand the costs, benefits and risks involved.