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Making the most of your pensions. Take stock of what you have in your pension. Find out more, and try the worksheet, in our guide Check the progress of your pension and retirement savings.
Back to top. Ways to make your pension savings give you more. There are many things you can do to boost your pensions. Here are some key options to consider. Increase your savings. The most obvious way to boost your pension is to save more if you can. Make sure you claim all your tax relief.
Find out more in our guide Tax relief and your pension. This extra tax relief might allow you to benefit from even bigger pension contributions. Review the way your pension pot is invested. Typically, this involves choosing from a range of funds offered by your pension provider. Find out more in our guide Choosing a financial adviser. Find out more about your pension fund investment options in our guides: Pension investment options — an overview Self-invested personal pensions Why should I get advice for retirement?
Need more information on pensions? Our help is impartial and free to use, whether that's online or over the phone. Review the charges deducted from your savings. All pension providers will charge for managing your pot and investing your money. You might be paying different types of charges: Service or administration charges. Charges for each of the investment funds within your pension. The most obvious charge is an upfront charge deducted when you first start to invest. Consider bringing pension pots together.
If you have several pension pots, there are potential advantages if you combine them into one. If you combine them, you: can keep track of, and manage, your pension savings more easily might save money if you can move from a higher-cost scheme to a lower-cost one might get more choice of investments.
If any of your existing pension schemes offer guaranteed annuity rates , consider the implications carefully before transferring out. There might also be other valuable features in the scheme, such as a guaranteed growth rate or the option of taking a higher tax-free cash lump sum when you retire. Find out more in our guides: Transferring your defined contribution pension Transferring your defined benefit pension Guaranteed annuity rates.
Was this information useful? Yes No. Thank you for your feedback. Share this article. Email Facebook Twitter. More options. Share this with. WhatsApp LinkedIn. Explore this topic Close Building your retirement pot. Retirement pot building Making the most of your pensions Pension investment options — an overview Salary sacrifice and your pension Lifetime allowance for pension savings. Explore this topic Close Retirement pot building Making the most of your pensions Pension investment options — an overview Salary sacrifice and your pension Lifetime allowance for pension savings.
Take our pension quiz If you want to know more about pensions, read our simple guide. Should you combine your pension pots? But there are many factors to consider before you consolidate. Four reasons to consolidate your pension Merging your pots together could also reduce your fees and give you access to a wider range of investments.
Here are some reasons to consider merging your pots: 1. Less admin for you If you have lots of pension pots, consolidating them into one scheme can remove the hassle of managing lots of pension plans with different providers. It can be hard to monitor the performance of multiple schemes. It can make it easier to track how well a fund is performing.
Save on fees Combining your pensions could save you money on charges. Flexibility in getting access to your money Older pension schemes are unlikely to offer flexible ways to gain access to your money at retirement. Combining your pensions might give you greater freedom and choice with your retirement savings.
You could sacrifice valuable benefits Any previous workplace schemes you hold may offer valuable benefits that would be costly to give up if you transfer your money out. Here are some examples of valuable benefits you might miss out on: A guaranteed annuity rate: given the fall in annuity rates in recent years, a promised level of income is worth keeping hold of.
Your scheme might also come with a life insurance policy built-in or critical illness cover, which could be expensive to replace. You have a final salary pension Checking the benefits is particularly important for those lucky enough to be in a final salary pension scheme, also known as a defined benefit pension. There could be big exit fees If any of your current providers charge huge exit fees, it will be important to weigh up the trade-off between these and the amount you wll save on annual fees by switching.
Find out: The impact of fees on investment returns 4. Learn more: Best ready made personal pension What should I check before consolidating my pensions? To consolidate your pensions, you have to transfer out of one and move it into another one. We have made a checklist: Find out if your pension plan offers any valuable guarantees or benefits that come as part of your existing package. Consider carefully whether you want to give these up Find out if your existing scheme comes with life cover or critical illness insurance that you might miss out on by moving Checking the value of benefits is particularly important for those with a final salary pension, also known as a defined benefit pension scheme.
If you are lucky enough to be in such a scheme, it will almost always make sense to stay put as they offer a guaranteed income for life and inflation protection Check all schemes for exit fees. These kick in should you move your pension pot to another provider. If they are sky-high then moving could be a false economy. Should I transfer my pension to my new employer? You can roll all of your pensions into one of your workplace schemes.
But make sure you do your research. Get started. Answers may be used to help us produce more relevant content and improve the overall site experience.
Sign up to our newsletter Receive regular articles and guides from our experts to help you make smarter financial decisions. First name. Last name. Read next. Should I consolidate my pensions? Take our quiz Should I consolidate my pensions? Take our quiz Consolidating pensions.
Along with the pension management fee, some schemes especially those started before may charge you an exit fee if you want to move your money away from them.
It is always important to check with your pension provider about any fees you may be liable for, before deciding to transfer your pension. As a pension is a long-term investment, you may still decide to transfer your money, but it is always worth giving this some thought before doing so. Some pension providers offer safe-guarded benefits with your pension, which may be lost if you decide to transfer out from their scheme. So, it is always important to check whether you are entitled to any of these, and if you still want to go ahead with the transfer despite this.
Other safe-guarded benefits can include a guaranteed growth rate on your pension, give you access to your pension early and offer you a higher amount of tax-free cash than the norm.
PensionBee will always tell you if we find any safe-guarded benefits, allowing you to decide if you still want to go ahead with the transfer.
To consolidate your pensions into one single plan, you will need to provide information about your pensions to your new provider. This can include details like the provider name or a policy number. You can usually find this information through any old paperwork you have may have, or by speaking to the provider directly and asking for the information. If you want to combine your pensions into a PensionBee plan, the more information you can give us about your providers the better as this can really speed your transfer up.
Amalgamating pensions into a single scheme can seem like a complicated process, but we try our best to keep it a simple one. You can sign up with us in just a few minutes on our website, or through our app.
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