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Clearing a path through your hotchpotch of pensions

Consolidating your pensions into one plan delivers peace of mind and a clear strategy towards your future retirement. Tony Byrne, managing director of Wealth & Tax Management, explains.

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Are you a business owner or a business executive planning your retirement?  Or maybe you have already retired? Have you built up a number of pensions during your working lifetime? Is it a veritable hotchpotch of different types of pensions?  Do you know exactly what type of pension each of them is, how much it is worth and how it has performed?  Are you sure you have a record of all of your pensions?  Is the information you receive on them clear and understandable or do you skim-read it and put it in a drawer saying to yourself that you will look at it later but then you forget about it?  Then you repeat the same process next year?

Rest assured you are not the only person who does this.  Most people are like you.

Why not have your pensions reviewed by a specialist with a view to consolidating them into one pension? Once an adviser has reviewed your pensions and advised you to consolidate some or all of them into one pension plan,  you will find it easier to manage the pension and you will have an adviser who can explain it to you and review it with you annually.

You will clearly understand the new pension plan, you will know how it is performing and you will be able to ask your pension adviser as many questions as you like about it.

Everything will be in one place so it will be simple to manage.  If you choose a good adviser, he or she should be able to advise you well by building a trusted, long-term relationship with you.  This will give you peace of mind as well as a clear retirement strategy enabling you to achieve your retirement goals.

If you are interested in advice on pensions consolidation, why not take advantage of a one-hour Discovery Meeting either at our offices or by a video conference call at our expense worth £270 to each of the first three readers who contact us before 31 August 2022? You know it makes sense.  We offer a great cup of coffee too but unfortunately not a virtual one. Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk.

  • The contents of this article are for information purposes only and do not constitute individual advice. You should always seek professional advice from a specialist. All information is based on our current understanding of taxation, legislation and regulations in the current tax year.  Any levels and bases of relief from taxation are subject to change. This article is based on my own observations and opinions.

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