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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.

1. Final salary benefits

2. Guaranteed annuity rates

3. Minimum values at maturity

4. With-profits pensions that expect to pay big bonuses at maturity

5. Huge exit penalties

6. Fee amnesties on specific dates


<< Return to: Step 1: where is my pension money?

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