AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
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Capital at Risk: All investments involve risks. The value of investments can fluctuate, and there is a possibility of receiving less than the initial amount invested. Our promotion focuses exclusively on listed shares and share investment platforms provided by our affiliate partner. We do not endorse other products such as contracts for difference, spread betting, or forex. Investments in foreign currencies carry exchange rate risk, which can affect the value of the investment in sterling terms. Losses can occur even if the share price rises in its local currency. Stocks on overseas exchanges may incur additional charges and may not offer the same regulatory protection as in the UK. Information is accurate as of the publication date.
Consolidating Pensions:
Combining multiple pensions into one can simplify management, offer more investment options, and potentially reduce fees. Auto-enrolment has increased the number of workplace pensions, with nearly 80% of UK employees now enrolled, according to the Office for National Statistics.
Considerations for Pension Consolidation:
- Fees: Some providers may charge exit fees when transferring pensions.
- Loss of Benefits: Consolidation might forfeit valuable guarantees, such as guaranteed annuity rates or enhanced tax-free lump sums.
- Final Salary Schemes: These offer a fixed income based on retirement criteria and are less common today. Transferring out of a final salary scheme is generally not advised due to the loss of guaranteed benefits.
- Employer Contributions: Transferring out of a workplace pension may result in losing employer contributions, which often match employee contributions up to a limit.
Before consolidating, consult a qualified pension adviser. For transfers involving final salary schemes over £30,000, independent financial advice is required.
