What to do with multiple pensions

These days, changing jobs frequently means many people end up with multiple pension pots. If you have savings scattered across old pension plans, you may be wondering what to do with them. Consolidating your pensions into one account can provide more control and simplify retirement planning.

The Challenges of Multiple Pension Pots

Having several pension plans can create challenges:

• Harder to keep track of – Details get lost as you switch employers.
• Messy paperwork – Multiple statements and forms to manage.
• Inflexibility – Difficult to change investment options on old plans.
• Higher costs – Paying multiple account fees can eat away at savings.
• Weaker performance – Small dormant pots tend to underperform.

Benefits of Pension Consolidation

Combining your pension savings into one consolidated pot offers advantages:

• Simplicity – All your retirement savings in one place.
• Control – Make changes to investments or contributions.
• Cost savings – Avoid multiple account fees.
• Growth potential – Bring small pots together for better performance.
• Locate lost pots – Find and recover any forgotten dormant pensions.

How To Consolidate Pensions Yourself

You can consolidate multiple pensions into one account by:

1. Tracking down your old pensions using pension tracing services.
2. Evaluating existing pots and deciding which to consolidate.
3. Opening a low-cost SIPP account with a provider like iSIPP.
4. Transfer your funds into your SIPP.
5. Managing your retirement savings efficiently from your SIPP.

iSIPP For Simplified Pension Management

iSIPP makes it easy to consolidate your pensions into one online SIPP account. Key features include:

• User-friendly dashboard to administer your pension
• Help consolidating old pension plans
• Flexible investment options for your retirement pot
• Low, fixed annual fees to maximise savings

Take Control Of Your Retirement Planning

In summary, consolidating multiple pension pots can provide greater oversight and control over your savings while streamlining retirement planning. With iSIPP, you can consolidate pensions yourself into one simple account. This makes it easier to manage your funds and harness their full growth potential.

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What is pension consolidation?

Find lost pensions with the pension tracing service

Disclaimer 

The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.

This notice cannot disclose all the risks associated with the products we make available to you. When making your own investment decisions it is important you understand that all investments can fall as well as rise in value and it is possible you may get back less than what you have paid in. You should also be satisfied that any investments you choose are suitable for you in the light of your circumstances and financial position. You should seek financial advice if you are not sure of what’s best for your situation.