Over the course of one’s working life, it’s likely that we have been members of multiple pension arrangements. Therefore, there’s a real risk we do not have a clear picture of our retirement savings. Without a clear and consolidated overview, it becomes increasingly difficult to plan with confidence or ensure that long-term financial objectives are achievable. The ‘Tracing and Consolidating Your Pensions’ guide highlights why understanding what we have in retirement savings, and where it is held, is a fundamental step to building an effective retirement plan.
Bringing pensions together can simplify ongoing management, improve clarity around performance and costs, and support more informed investment decisions. However, consolidation is not always straightforward and may involve important considerations around benefits, guarantees, costs and suitability. This guide reinforces the importance of reviewing each arrangement carefully and, where appropriate, seeking professional advice before taking action.
Download our guide today to get a clearer understanding of how tracing and consolidating your pensions can improve your retirement planning.