Combining your pensions - Let's dig a little deeper

You can combine your pension pots at any time. Some people do it when they’re closer to retirement or even when they’re starting a new job. But you can combine at any time you like – so now might be the perfect time to find out if it’s right for you?

There are many things to consider when looking to combine your pensions, such as the types of pensions you hold. Some advisers can look at them all - from a personal pension through to a defined benefits company pension (which also may be known as final salary pension).

Your existing pensions may have valuable guarantees that you could lose if you transfer out of the scheme, your current pension may have higher or lower product charges, and there may also be charges to transfer your pension to a new company. You should also consider which death benefits are already in place.

We know it could get complicated, and that it’s also not right for everyone. Sometimes staying where you are is best.

With an adviser on hand at every turn, you can find out if combining your pension pots is right for you. Even just the process of checking this can be helpful. That’s because an adviser can review and explain everything you have. So, whether you move pensions or not, by just discussing it with an adviser you’ll probably have a much clearer picture of exactly what you have and what you might get when you retire.