Should I consolidate my pensions?

In many circumstances, the answer is yes. If you have several old workplace pensions, it can be difficult to keep track of where your pensions are invested and the level of fees that you are paying. We therefore recommend that you consider reviewing your pension plans and Wealthsimple can help with this process via a pension review.

In general, consolidating your pensions can ensure:

• You are paying less than 1% per year in fees
• Your pension is invested in line with your objectives and time horizon, rather than the pension provider’s default fund
• You don’t lose track of your old pensions. There is currently £19 billion in lost UK pensions

Here at Wealthsimple, we can help you collate your different pension schemes into a Wealthsimple SIPP. We do all of the admin work with the old providers so there is no need for you to get in touch with them unless you wish to do so. Then, when the pensions are consolidated, one of our advisers will help you agree the right strategy for the pension pot.

Book a call with one of our advisers if you would like to discuss in more detail.