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Pension Consolidation

Pension Consolidation

Your Pension Consolidation
Simplified

Here at Moneytree Wealth Management, we help you consolidate your pensions into an easy-to-manage pot. We know how complicated and time-consuming managing multiple pensions can be. Hence, we make it simple by assessing all your existing schemes, but not before our experts ensure you understand the pros and cons of consolidating your pension. By making sure this plan aligns with your long-term financial goals, you’ll have greater control and clarity over your retirement planning after merging your pensions. Thus, streamlining the approach to reduce paperwork, potentially lowers fees and gives you a peace of mind.

The value of investments and the income they produce can fall as well as rise. You may get back less than you invested.

Transferring out of a Final Salary scheme/Defined Benefit Scheme is unlikely to be in the best interests of or be suitable for most people.

Clear the clutter. Consolidate your pensions

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Reviewing Your Existing Pensions

First, we gather and review all the details of your current pension schemes, whether they’re from past employers or personal plans. This is to understand the value and performance of each scheme you may have.

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Evaluating Consolidation Benefits

Moneytree experts will assess the potential advantages of combining your pensions, such as reducing management fees, easier tracking and better alignment of your pension with your retirement goals.

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Understanding the Risks

To get straight to it, pension consolidation isn’t right for everyone. Hence, we’ll explain the risks, including potential loss of certain benefits, guarantees or protections that may come with some schemes so as to ensure you’re making informed decisions.

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Choosing the Right Pension Scheme

After considering your options, we’ll then help you choose the most suitable pension scheme to consolidate into. This will ensure it aligns with your retirement goals, investment objectives, and attitude to risk.

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Completing the Consolidation Process

In the end, we’ll handle all the administrative work involved in transferring your pensions into one whilst keeping you updated. After the consolidation is complete, rest assured you’ll have a single, streamlined pension to manage for your future.

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Frequently asked questions

What is pension consolidation?

Pension consolidation involves combining multiple pension pots into a single scheme. This can help streamline management, reduce fees, and provide a clearer overview of your retirement savings.

  • Simplification: Manage one pension instead of several.

  • Cost savings: Reduce fees by moving to a lower-cost provider.

  • Performance: Access better-performing investments.

  • Visibility: Get a clearer picture of your total retirement savings.

Past performance is not a reliable indicator of future performance.

Yes, consolidation may not always be the right choice if:

  • Your existing pensions have valuable benefits, such as:
  • Defined benefit (final salary) schemes.
  • Guaranteed annuity rates.
  • Early retirement options.
  • Exit or transfer fees are high.
  • You lose access to specific investment options.

  • Defined Contribution (DC) Pensions: Can usually be consolidated.

  • Defined Benefit (DB) Pensions: Transfers are possible but typically not recommended due to the risk of losing valuable benefits.

  • State Pension: Cannot be consolidated.

Costs to consider include:

  • Exit fees: Charged by your current pension provider.
  • Transfer fees: Some providers charge for moving your pension.
  • Ongoing charges: Ensure the new provider offers lower or comparable fees.

Yes, workplace pensions from previous employers can often be consolidated. Contact your providers to initiate the transfer or use a consolidation service.

  • Review your existing pension schemes.

  • Assess fees, benefits, and investment options.

  • Use pension tracing services to find lost pensions.

  • Consult a financial advisor for professional guidance.

No, consolidating pensions does not reduce your entitlement to a tax-free lump sum (usually 25% of your total pension pot). However, confirm this with your provider.

No, consolidating pensions does not reduce your entitlement to a tax-free lump sum (usually 25% of your total pension pot). However, confirm this with your provider.

No, transferring pensions between UK-registered schemes is tax-free. Ensure the transfer is to a registered pension provider to avoid any tax implications.

Yes, but be cautious. Review the terms of your existing pensions to ensure you don’t lose benefits or face penalties. Speak to an advisor for tailored advice.

Defined benefit pensions provide guaranteed income in retirement, making them valuable. Consolidating or transferring these is generally not recommended unless:

  • You have taken financial advice.

  • The benefits of transferring outweigh the risks.

It’s not mandatory for defined contribution pensions, but it’s highly recommended if:

  • You’re consolidating a defined benefit pension.
  • You’re unsure about the costs and benefits.
  • Your pension pot is substantial, making mistakes costly.

Use the Pension Tracing Service (a free government service) to locate lost pensions. You’ll need details like your National Insurance number and former employer information.

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Business Details

01244 470 107

enquiries@moneytreewm.co.uk

Moneytree Wealth Management
Talbot House
Albion Street
Chester
England
CH1 1RQ

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Moneytree Wealth Management Limited is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Moneytree Wealth Management Ltd. Registered in England and Wales, under no. 07399360.

Approved Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 5th May 2025.

Registered office address – Talbot House, Albion Street, Chester, England, CH1 1RQ

Holiday Home Mortgages, Powers of attorney, Will writing, Tax Planning, Trusts, Estate Planning, Inheritance Tax Planning, Some Employee Benefits, Some Buy to Let Mortgages, Exit planning, Succession Planning, Legal advice, Commercial Mortgages and Auto Enrolment are not regulated by the Financial Conduct authority.

The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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