Combining your pension pots
Over your working life you can end up with several different pensions with different providers. Some people find it easier to bring their pensions together into a single policy to make it simpler to keep an eye on and make changes to your pension plans.
Not all policies are the same, so it’s important that you don’t give up valuable features if you move your savings from one pension to another.
Making the wrong decision could affect you for the rest of your life, so it’s very important you compare the options available to you from different providers too. If you’re unsure of what to do, you should speak to a financial adviser.
Download our factsheet explaining the effects of your transferring your pension
Managing the risks to your pension pot
Often customers select funds that they’d like to be invested in when they take out their pensions and don’t review this for a long time.
At different times in your life you may have different attitudes to risk. Your attitude to risk is important as it affects how much of your money you have in riskier and less risky investments. If you don’t change the funds that you’re invested in to match your attitude to risk you may be putting your retirement income in jeopardy.
MoneyHelper has put together some useful information about building your retirement pot here. As well as having lots of useful information they can also provide free and impartial advice.
If you’re unsure about whether you need to switch funds, or what funds you’d like to switch into, you should speak with a financial adviser (FA). You can find an FA in your area at moneyhelper.org.uk/choosing-a-financial-adviser.
Download our factsheet explaining how you can manage the risks to your pension pot
The Government encourages retirement saving by offering tax relief. For any contributions you pay into your pension, we’ll automatically collect basic rate tax relief on your behalf. This means that, assuming your basic rate of tax is 20%, for every £80 you contribute into your account, the Government boosts this by £20.
There are limits to how much tax relief you can receive, and to make the most of this you should understand how this may affect your contributions.
The government has set a limit on the total amount of tax-free lump sums you can receive in your lifetime. For more information, go to Find Out More below.
Most of us will be entitled to a State Pension but it’s not paid to you automatically – there are a few things you have to do first.
Your entitlement to the state pension will affect how much you have to support your retirement, so you should understand what you’re likely to receive.
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