Important information to consider before you consolidate any pension
Consolidating your pensions can give you a better idea of what you have and what you can expect in retirement. It can also save costs and provide more suitable investment options. However, an existing pension may have features or benefits of value. It is important to fully consider these before you consolidate. Your plan documents will show what features are included and Barnes & Sherwood will complete a detailed checklist to examine the suitability of your options.
Are there any features or guarantees you'll lose when you transfer?
Life cover and waiver benefits are no longer available on new pension plans. You would also need to complete a medical questionnaire to take out similar cover on a policy separate to your any new pension plan. This will be particularly important if your health has deteriorated since taking out these benefits.
What features does the proposed new plan have?
While this provides a very basic overview, a discussion with a qualified adviser can help you better understand your pensions, and what they can do for you to work harder for your retirement. If you require any further information, please contact us and we will be happy to assist you.