Over our working lifetime, many of us end up with a number of different pensions. Some of the pensions may be “defined benefit” where we are told we will receive a certain level of pension at our retirement age or a certain age, while other pensions may be “defined contribution” where there is no certainty except we or our employer has been putting money into it.
So what do you do if you have lots of different pensions, should you consolidate them? It is an obvious question, having lots of different pensions and not sure what to do with them, some could be better than others, you may have some that perform well while you may also have some that are not performing well.
Here are reasons to consolidate your pension
- Investment performance
Some pensions are better than others, they have better investment options, consolidating your pension would allow you to take advantage of this and get rid of your pensions that are not performing well.
Charges against your pension are very important. Consolidating your pension could mean getting of high charging plans which is normally your older pension.
- Making life easier
By just having one pension would be easier to manage. By having fewer pensions it would be easier to turn your pension into an income when you decide to retire.
If you are confused on what to do if you have more than one pension or if you would like to receive expert advice on if you should consolidate your pension or not, then visit http://www.sell-my-pension.co.uk/personal-pension/ and learn more about your options when it comes to your pension.