The majority of enquiries to The Pensions Office require an assessment of pension benefits in two or more schemes or policies. We consider each of these separately, producing a recommendation for each as to whether or not a transfer to a personal pension is likely to prove profitable for the client.

Many of these clients, with a number of policies, state that a significant or major factor leading to their desire to consider a transfer is to consolidate all or most of these schemes into a single pension arrangement. Reasons for this desire have include:

 ▪            Ease of frequent valuation

 ▪            Ease of understanding

 ▪            Control over a single, structured investment portfolio          

 ▪            Consolidation, before taking a tax free lump sum

 ▪            Simplicity and convenience   

The Pensions Office accepts that a client’s desire for consolidation can be a significant factor in a recommendation to transfer all or most of a client’s existing pension arrangements into a single contract. However, we always advise the client on the merits or otherwise of transferring each separate arrangement, before making an overall recommendation.

Although The Pensions Office usually imposes a minimum transfer value of £10,000 to benefit from our advice (unless fee-based) we are happy to ‘take a view’ on pension arrangements below (sometimes far below) this level if they are accompanied by other, larger, funds.

Please contact The Pensions Office if you have clients who you feel might benefit from consolidation of a number of existing pension arrangements.