Should I Consolidate My Multiple Pensions? People often change jobs several times during their careers, but when they leave an employer what happens to their pensions? They remain in a paid up state until retirement. But is this the best place for these pensions as many of them get forgotten until retirement?
Many of our clients have collected various company or workplace pensions. Often they are not sure if their pensions are active or if their contributions have been refunded. Many are also unsure of what their current values are.
Pension funds can move too, for instance when companies are sold, which makes keeping track of multiple pensions difficult, particularly over many years.
If you have an array of retirement policies you have collected over the years, you may be asking – “Would I be better off consolidating my multiple pension plans?” Would my retirement package be better if I combined them in a single new policy?
Also, over time, your circumstances and outlook may have changed. Early on in your career, you may not have minded a portfolio that contained a higher risk, higher reward element. Looking back, did that payoff? Looking forward, do you want a retirement investment portfolio with the same risk profile? Perhaps you are less comfortable with risk as you work out the last few years of your career?
It might be a good time to look at creating a portfolio more suited to your aspirations now.
Policy consolidation may be your best option. Also, it may be possible to adjust the plans you already have to suit your new needs.
Should I Consolidate My Multiple Pensions?