Can I consolidate my pensions myself?

Consolidating your pensions into one account can make retirement planning much simpler. But can you actually consolidate your pensions yourself or do you need professional assistance? The good news is you can consolidate your pensions yourself with some guidance.

Combining multiple pension pots into one place gives you more control and oversight over your savings. It also potentially reduces fees. Pension consolidation involves transferring your savings from various plans into one account that you can easily manage.

How Does Consolidating Your Own Pensions Work?

Pension consolidation means moving your funds from multiple pension plans into one centralised account, usually a self-invested personal pension (SIPP). This allows you to efficiently manage all your retirement savings yourself from one place.

Consolidating your own pensions also provides flexibility over how your pension pots are invested. Many people have small old pensions with previous employers that could benefit from consolidation.

Consolidating Pensions Yourself in 5 Steps

You can consolidate your own pensions by following these key steps:

Locate your pensions – You’ll need to track down all your old pensions. Use the government’s pension tracing service to find forgotten pots or contact past employers.

Review your pensions – Decide which to consolidate yourself. Leave out any with valuable benefits you’d lose.

Open a SIPP – Choose a provider like iSIPP and open a low-cost SIPP account.

Request transfers – with iSIPP let us know your previous schemes and we’ll do the rest.

Manage your pension – You can now see and control all your retirement savings yourself.

How iSIPP Helps You Consolidate Your Pensions

Services like iSIPP make it easy to consolidate your own pensions. iSIPP provides an intuitive online account to administer your consolidated pension yourself.

You get control and choice over how your retirement pot is invested. iSIPP also takes care of the process of transferring your old pots from previous schemes, all you need to do is let us know some basic information about your past pensions.

Key benefits of using iSIPP to consolidate your pensions include:

• Easy-to-use online account
• Award winning service
• Flexible investment options
• Low, fixed fees

Take Control and Consolidate Your Pensions Yourself

In summary, consolidating your own pensions is achievable yourself. Using a SIPP provider like iSIPP simplifies the DIY process.

Bringing all your pensions together into one pot gives you control, potentially saves money, and makes retirement planning much more straightforward. With a simple to use service like iSIPP, you can consolidate your pensions yourself with ease.

You might also like:

Is it worth consolidating pensions?

What to do with multiple pensions

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.