On average, Brits work at 11 different jobs over the course of a lifetime, so it’s no surprise that many of us have lots of different pension pots scattered about. Combining your pensions brings those pots into one place, making it easier to manage your money and stay on top of your savings.
Always check for exit fees to make sure that moving your pension is right for your personal circumstances. It’s also important to check for any guaranteed benefits that could be lost if you move your pension. Remember that if you have a defined benefit pension worth over £30,000, you will need to take independent financial advice before you transfer.
PensionBee can combine your old and lost pensions into one new plan, which you can access 24/7 from any device. We’ll always notify you of any special benefits and any exit fees over £10, providing you with the full paperwork to review before you transfer.
For more on combining your pensions and what to consider when consolidating, you can watch our video below.
We want to help you to make sense of pensions so we’ve put together our Pensions 101 series over on our YouTube channel to explain how pensions work and how to get on top of your retirement savings. Take a look and let us know your thoughts in the comments section.