Mum-of-one reveals costly mistake made when simplifying pension savings


Costly move to consolidate pension pots

A 28-year-old mother from Birmingham, Rymyni Adams-Taylor, shared how an attempt to simplify her pension savings ended up costing her thousands of pounds. She had three separate pension pots from different jobs and decided to consolidate them.

Hidden fees and lack of transparency

Despite wanting to avoid the hassle of combining pensions, Rymyni fell for an ad promising an easy solution. However, she later discovered that changing providers came with hefty fees that were not clearly explained. Different pension providers have varying fee structures, and some fees are buried in the fine print.

How to avoid the same mistake

Finance expert Becky O'Connor advises understanding your annual management fee, reading the small print to uncover hidden charges, and checking the investment options available. Transparency from providers is crucial to help consumers make informed decisions about their pensions.

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