Are there any reasons to keep your existing pensions where they are?
This is a vitally important step: getting it wrong here could mean missing out on hugely valuable benefits already earned. In certain cases it could mean paying a huge fee for the privilege of moving your money when such a fee could be avoided simply by delaying the move for a few years.
While the main idea of this book is that you bring all your pension assets together in one place, there are a few cases where this is not the best idea and money should be left where it is, either temporarily or indefinitely.
This is because some pensions, especially those started some time ago, come with valuable perks that will disappear if you transfer the money elsewhere. Before you move any pension assets, check whether your existing plans offer any of the following benefits.
4. With-profits pensions that expect to pay big bonuses at maturity
6. Fee amnesties on specific dates
<< Return to: Step 1: where is my pension money?
If your friends would find this page useful, share it with them using the buttons below left (if you use the email button, ensure you tick "I'm not a robot" before you fill in the other fields).
Do you have a question or would you like to give feedback about this website? Email us at at email@example.com
*Links marked with an asterisk can earn money for this website: the company involved may pay us commission if you follow our link to its website or transact on it. This does not have any effect on what we write.
Nothing in this website constitutes personal financial advice. Its contents represent journalistic research and readers should ensure that any course of action they consider as a result of anything that appears on this website is appropriate to their own needs and circumstances, if necessary with the help of a financial adviser regulated by the Financial Conduct Authority. All investing involves risk: ensure that you understand the risks before you proceed.
Copyright © Richard Evans, 2019-20