Consolidating company pensions
Once you have a SIPP with us please complete a SIPP transfer in form, print it and send it to us.If you want to transfer any investments to your SIPP please provide details on the transfer form., if a 35 year old with a £10,000 pension pot invests until 65 in a fund that achieves 5% annual investment growth, but charges 2% a year, the pot will be worth £23,720.The same £10,000 invested in a fund that achieves 7% annual investment growth, with a 1.5% annual charge, will be worth £48,541 – more than double.If you use an adviser they will need to be clear about what fee they will charge, whether it’s for one-off or ongoing advice.Depending on the new pension you choose it may be important for you to have ongoing reviews.
It is also possible that the amount of risk you’re prepared to take could change over time, for example if your financial situation changes, or as you get nearer to retirement.
Consolidating your pension The obvious solution is to move multiple pensions into a single pot.
This will make it easier to review how your funds are performing and give you a good idea of what your income in retirement is expected to be. However, consolidating pension pots is not necessarily the best move for all savers.
You may not need a new pension to put all your pensions together.
If one of your existing pensions already meets your needs and objectives it might be possible to transfer all of your other existing pensions into that one.