Consolidating Accounts

Many individuals, throughout their working lives, will have built up retirement savings with a number of different providers. This often makes it hard to keep track and maintain control of their pension plans or manage the underlying investments.

Consolidating accounts can provide simplicity and allows individuals to benefit from having a consistent approach to investment and risk.

When in retirement, it is much easier to manage income withdrawals when there is one personalised drawdown strategy.

There are some things that need to be considered before accounts can be transferred; as advisers it is our job to ensure that important features are not lost and that any transfer is in the account holders’ best interest. Areas to consider include:

  • Whether existing accounts are subject to exit penalties
  • Guarantees that may offer high income levels
  • Protected retirement ages which may allow access before the age of 55
  • Small pots rules may give you access to a pension plan without it being tested against the Lifetime Allowance

At Tideway we can offer you advice on whether consolidating your pension accounts is right for you by fully researching your existing plans and recommending the most effective solution. If consolidating your pensions is right for you, our advisers will work with you to create a suitable investment strategy and a personalised income drawdown plan.