Should I combine my pensions? – Pensions 101

Should I combine my pensions? – Pensions 101


Hello and welcome to Pensions 101, a series
designed to help you make sense of your pensions. I’m Clare and today we’re going to be talking
about consolidating your pension. On average, Brits have 12 different jobs throughout
their lifetime. That means you could have 12 different workplace
pensions. With multiple pensions scattered about, it
can be hard to keep track of your retirement savings… and all the fees that you’re paying. Combining your pensions brings all your savings
into one new plan. This can make it easier to manage your money. There are some benefits to consolidating your
pensions into one new plan. First of all, combining means you only need
to go to one place to stay on top of your pension. It’s much easier to see how much you’ve saved,
how your fund is performing, and what you can expect to receive in retirement. Combining can also significantly reduce your
fees. Every pension comes with a fee but some providers
charge hidden fees, and there are even inactivity fees that could be eating away at your retirement
pot. In addition, combining your pensions can give
you a chance to move to a fund that better suits your needs. For example, you might like to invest in a
green fund or in a retirement fund with a risk profile that adapts as you reach retirement
age. There are some things to consider if you’re
thinking about consolidating your pension. Some old providers charge exit fees when you
move your money so always check your paperwork to make sure that moving your pension makes
sense for your personal situation. Some pensions come with benefits that might
be lost if you move your pension. In fact, if you have a defined benefit pension
worth over £30,000, you will need to seek independent financial advice before you move
it. At PensionBee, we combine all your pensions
into one brand new online plan. You can manage your money from one place,
on any device, and we only charge you one all-in annual fee. We will always tell you before combining if
your pension has an exit fee over £10 or if there are any guaranteed benefits. Combining your pension could make saving for
retirement a lot easier so do your research and check out whether consolidating is the
right choice for you. Remember, pensions are an investment and as
with all investments, the value of your pot can go down as well as up over time. Your capital is at risk. Thanks for watching! If you have any comments, please drop them
in the comments box below. For more information on combining your pensions,
check out our website at pensionbee.com. Don’t forget to like, share and subscribe. See you next time!

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