Why Consolidating Could Be a Smart Move
If you've changed jobs a few times over the years, chances are you’ve left a trail of pension pots behind you. Maybe one from your first job out of school, another from your mid-career leap, and a few more along the way. Sound familiar?
This was exactly the case for our client, Sarah.
Sarah's Story
Sarah, 54, had worked in recruitment for over two decades. She’d been diligent about joining each workplace pension scheme, but when she came to review her finances, she realized she had five different pensions with five different providers — and no idea how much each was worth or how they were invested.
It was confusing, hard to manage, and frankly, a bit overwhelming.
We helped Sarah consolidate her pensions into one well-diversified plan. The results?
If you've changed jobs a few times over the years, chances are you’ve left a trail of pension pots behind you. Maybe one from your first job out of school, another from your mid-career leap, and a few more along the way. Sound familiar?
This was exactly the case for our client, Sarah.
Sarah's Story
Sarah, 54, had worked in recruitment for over two decades. She’d been diligent about joining each workplace pension scheme, but when she came to review her finances, she realized she had five different pensions with five different providers — and no idea how much each was worth or how they were invested.
It was confusing, hard to manage, and frankly, a bit overwhelming.
We helped Sarah consolidate her pensions into one well-diversified plan. The results?
- She could see exactly how much she had saved and whether she was on track for retirement.
- She reduced her overall fees, since some of her older schemes had higher charges.
- She could now choose investments that matched her current goals and risk level.
Why Consolidate?
- ✅ Clarity – One pension means one statement and a clearer picture of your savings.
- ✅ Control – It’s easier to align your investments with your retirement goals.
- ✅ Cost – You may save money by reducing management fees and charges.
- ✅ Convenience – Say goodbye to tracking down old pension providers.
Is It Always the Right Choice?
Not necessarily. Some older pensions come with valuable benefits like guaranteed annuity rates or early access. Before consolidating, it’s crucial to get proper financial advice to avoid giving up something worth keeping.
Thinking About It? We’re Here to Help
If, like Sarah, you’re juggling multiple pensions, we can help you review your options, understand the pros and cons, and decide what’s right for you. It might just be the simplest step you take toward a smoother retirement.
Please note:
The value of investments and the income from them can fall as well as rise. You may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. Pensions are a long-term investment. The tax treatment of pensions depends on individual circumstances and may be subject to change in the future. This article is for information purposes only and does not constitute financial advice. You should seek independent financial advice before making any decisions about your pension or investment options.
Mark DipPFS & BsC (Dual Honours)
Haverfords Director
