A very large proportion of people using the services of The Pensions Office have more than one pension arrangement.

Many people have benefits in at least one – but more usually two or more – pension schemes operated by previous employers.

Most have paid contributions to at least two other types of pension arrangement such as personal pensions, retirement annuity contracts, AVCs or FSAVCs.

The Pensions Office assesses each pension arrangement individually, considering the possible merits or otherwise of transferring each to an alternative pension contract. However, we are fully aware of the possible attractions of consolidating a number of different pension arrangements into a single contract:

            -            a general ‘tidy up’, for convenience and ease of control;
            -            consolidate a number of policies to construct a single, well-
                        constructed investment portfolio;
            -            transfer away from poor-performing funds;
            -            transfer away from risk in a previous employer’s pension scheme;
            -            transfer to a self-invested arrangement for a specific investment
                         purpose such as property purchase;
            -            higher tax free cash availability;
            -            ease of valuation (typically by internet);
            -            initial and ongoing advice

Often The Pensions Office recommends a transfer of, say, three of a client’s four different pension arrangement but considers that the risks or disadvantages of transferring the fourth arrangement outweigh the potential benefits. It is then always open to the client to transfer those benefits anyway, over-riding our advice. Fine, because the client then knows the risks and disadvantages and must therefore consider that the benefits of consolidation outweigh those considerations.

Could the possible benefits of consolidation be advantageous to your personal circumstances?