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  • I want to maximise my pension income and keep everything together in one place

  • Combining your pensions

    Over your working life you may have started a number of pensions with different employers and careers. But if they are held with different providers, it can be difficult to keep track of how they are performing. Bringing some or all of them together could not only make your life easier, but also help save you time and money.

     

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    Combining your pensions could help you:

    • Keep track of and manage your pension savings more easily.
    • Save money by avoiding multiple charges from several different pensions/or by transferring from higher cost schemes to a lower cost one.
    • Keep a close eye on charges, and also where your money is invested.
    • Save time by dealing with just one provider. It could make life easier for your loved ones too.
    • Quickly and easily see how your funds are performing. 
    • Get a good idea of what your income in retirement is expected to be.
    • Find it easier to access the money you've built up when you decide to start planning for your retirement. You'll normally be able to access your money from age 55 (rising to age 57 from 6 April 2028). Learn more about your options at retirement.
    • Have more control over how you access your money when you retire.

    Combining pension pots may not be the right move for everyone. You'll need to make sure it's right for you…

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    So what should I look out for?

    • Loss of benefits - you could lose any valuable benefits and guarantees, such as loyalty bonuses, death benefits or even high guaranteed annuity rates. 
    • Exit penalties - some providers will charge fees for transferring money out of their scheme. These could cancel out the benefit of transferring to a new provider. 
    • Final salary schemes, or defined benefit schemes - these are usually best left where they are as your retirement income is pre-agreed. Transferring these types of schemes will mean you lose this certainty.
    • Tax free cash - some pensions allow you to take more than 25% tax-free cash - you could lose this protection if you switch provider and add to the new fund.
    • Investment choice - it's important to make sure the fund choices available are appropriate for the amount of risk you're prepared to take*.
    • The finer detail - you'll need to understand the charges, fund ranges, benefits and risks involved in transferring your pension.
    • Small pots - you may be able to take small pension pots as a lump sum, but you may lose this right if you consolidate your pension. 
    • Don't be scammed - be aware of what to look out for so you can avoid being scammed out of your pension. Find out more about avoiding scams.

    *Remember, the value of investments can go down as well as up.

  • Is combining your pensions right for you?

    Bringing your pensions together is a complex decision, so you’ll need to be sure it’s right for you, and in your best interest. It’s important that you fully understand the costs, benefits, tax implications and any potential risks involved.

    If you’re thinking about transferring in from another pension scheme, a financial adviser will be able to help you with this. They might charge a fee, but your future security and peace of mind is a big consideration.

    Remember that the value of your pension, and any income for it, can fall as well as rise and isn’t guaranteed. You could get back less than you originally invested.

  • Take a look at what you've got

    Do you have any lost pensions?

    It can be tricky keeping track of the different policies you hold.

    The government offers a free pension tracing service to help you track them down.

    Pension Tracing Service

    Keep track of your pension with us

    It's quick and easy to see how your pension is performing.

    Log in online, anytime, to see how your pension is performing, and much more.

    Online services

    Want a reminder of your existing pension?

    You can do this by taking a look through our literature library.

    Find key documentation such as key features, charges and pension benefits guides.

    Literature library

    Are your fund choices right for you?

    The funds you invest in will heavily impact what you get when you retire.

    Find out how you could adjust your investments as you approach retirement.

    Managing your investments

  • Looking to transfer into your existing plan?

    It’s possible to transfer your other pensions into your existing Phoenix Wealth pension. If you’re looking to do this, you can talk to us.

    Call us on 0345 129 9993.

    Lines are open between 8.30am and 5.30pm, Monday to Friday.

    We sometimes record telephone calls to help with training, service and security.