When it comes to pensions most of us are ultimately after one thing; we want to make sure our investments work in the most efficient and effective way to grow a decent nest egg for our retirement.
We also want to be able to access money when and how we need it and keep track of our pension as part of a smooth, stress-free process.
One thing which can help achieve all of these goals is pension consolidation.
Throughout their working life people are likely to accumulate more than one pension pot. However, over time it may make sense to transfer various different pension schemes into one place.
Although there can be big advantages to this, it can also be a complex and confusing process. Luckily, robinson+co have the expertise and experience to help you decide if pension consolidation is for you and to help you find the best schemes to suit your needs.
Why should I consolidate my pensions?
robinson+co independent financial advisor Gary Jackson says it is important to weigh up the different benefits you may get from consolidating your pensions.
“Pension consolidation is always a hot topic and it’s something that lots of people think about and want to do,” says Gary.
“But it’s one of those areas where to try and do it yourself can soon become quite confusing and complex. Getting professional help from robinson+co will help make sure you get value for money and real benefits in the long term.
“Generally the main reason for consolidation would be to open up all of the flexibilities of pension freedoms. In recent years it has become a lot easier to be able to access your money when and how you want as you head into retirement. However, some of the older schemes don’t offer these options.
“Another reason could be cost. We’ll be able to look across different schemes and products to see if you can move your pension pots somewhere that does the same work for less. If you are going to be in a scheme for 10, 20 or even 30 years then a half-a-percent reduction in fees can make a difference over time.
Improved service and convenience
“If people have got three or four providers, they may be getting paperwork three or four times a year, so we can help streamline that process,” says Gary.
“That’s a considerable fringe benefit in addition to everything else and allows you to bring several schemes together in one place with one set of charges, dealing with us as a single point of contact. It may also be that we can work with you to find providers who offer a level of service that is more suited to your needs.
Finding an option to suit you
“The other thing is that we can match a new scheme to your present attitude to risk. Sometimes people took out a pension 20 years ago but it doesn’t really match where they are in life at the time. For example, if you’re in your fifties and about to retire you may be looking at taking a more cautious approach.
Why choose robinson+co?
Gary says despite the advantages pension consolidation can bring, it is by no means essential or beneficial for everybody.
“We’ll carry out an initial consultation which is completely free of charge,” says Gary.
“We’ll only advise people to go ahead if we see that there are definite benefits for them. We’ll be honest with you about whether the advantages truly outweigh any potential disadvantages, which could include penalties or losing certain guarantees linked to your pension funds.
“We are truly independent advisors and so, unlike some other operators, we are not affiliated to any particular pension providers. We’ll do completely unbiased research that leads to the best conclusion for each individual client. We can get under the bonnet of the different providers and the type of pensions on offer. Then we can offer you professional recommendations for providers that meet all the requirements of the pensions regulator and the Financial Conduct Authority.
“It’s never possible to guarantee the performance of any pension, but we are experts in finding flexible schemes and offering the best value for money from reputable pension providers with a good track record.
“At every point in the process our focus is on taking the hassle out of it for the client. We work with the current provider and the new provider and a few weeks down the line from the initial consultation we’d expect to have things concluded. It’s really quite a quick process as long as everything goes smoothly.”
Find out more
If you think pension consolidation could help you or you have any questions then get in touch with robinson+co. We’ll be only too happy to answer your queries and set up an initial free consultation.