Savers Beware: Rip-off Pension Charges Could Cost You Thousands
Brits with multiple jobs in their career may have old workplace pensions with high charges, eating away at their retirement savings. Losing track of these old pots could result in significant financial losses.
How to Protect Your Retirement Fund
Combine all old pensions into a newer pot with lower fees to save thousands and secure your future retirement fund. Data shows the potential benefits of consolidation, with substantial savings over time.
Expert Advice on Pension Consolidation
Financial planner Ian Cook emphasizes the long-term savings from consolidating pensions. Besides reducing charges, moving to a new pension may better suit your needs, such as aligning with your values or retirement plans.
Consolidating Your Pension: A Step-by-Step Guide
Consolidation is a straightforward process, but locating old pots may be time-consuming. Services like the Pension Tracing Service or AJ Bell can help. Consider any benefits you may lose by switching schemes and seek advice from a financial adviser.
Important Considerations Before Consolidating
Understand the new scheme's fees, calculate costs, and assess potential benefits. Compare fees, investment performance, and additional benefits like early withdrawal options or guaranteed annuity rates before making a decision.
Did you miss our previous article…
https://hellofaread.com/money/builder-wins-5000-jackpot-on-online-slot-machines-but-cash-disappears-due-to-betfred-error/
