There is no doubt that Auto Enrolment (AE) has boosted the pension provision from workplace schemes for millions of workers in the UK, however it’s also exacerbated issues surrounding multiple pension pots.
It’s estimated that an average individual may change jobs 12 times in their career potentially resulting in 12 different pensions pots which all need to be manged and tracked. It is both daunting and time consuming for workers who merely wish to save for their retirement.
One such saver Andy, voiced the concerns of many at this time. ‘After moving jobs three times in ten years I now have a total of four pensions with four different providers. Three of which are relatively small amounts. With more than 10 years left to work I’m not sure that what I have saved so far is sufficient to meet my needs and how much I need to be saving in the future. It’s very confusing and a cause of worry.’
Natasha Newby of Corinthian Benefits agrees. ‘We see a lot of cases such as this where savers are simply overwhelmed by the management of multiple pension pots and not sure of what they should do next. Our MyTransfer team can help and advise the next steps in what is one of the most important decisions a pension saver can make’.
Fortunately, this issue has recently been raised at Government level resulting in a task force being put in place to address concerns. Read more
So, what are the pitfalls of maintaining multiple pension pots?
Clearly, there is much to consider and each savers situation is unique to them. Each individual pension pot has different charges, benefits, and terms and conditions which need to be considered before taking any decisions.
That’s where the experienced Corinthian Benefit team can assist you. Corinthian will guide you through the process of combining pension pots step by step and ensure that all risks and benefits are fully understood.
Their aim is to maximise the potential of your pension going forward and help you achieve your retirement goals.
Watch this guide to Pension Transfers and how Corinthian Benefits can help you to maximise the potential of your pensions.
Corinthian – Making the complex simple.
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