070 - Pension Breakdown Part 4 | Should I Consolidate My Pensions? Pros & Cons Of Pension Consolidation
In this episode of the Mind Money Soul podcast, I’m going to be sharing the pros and cons of consolidating your pensions.
Every time you start a new job, you get enrolled into a new workplace pension. This means if you’ve changed your job multiple times, you’ll have pensions all over the place. In the UK there are nearly 20 billion pounds of unclaimed and lost pension pots! It’s really important that you avoid becoming part of this statistic by ensuring you have full visibility of your pensions. If you need help, you can use the free pension tracing service to track all of your pensions from different providers.
This is an incredibly nuanced topic, largely because there are so many different pension providers that offer different features, benefits and fees, and everyone is a bespoke combination of all of these things. If you’re interested, this is something I’d recommend chatting with a financial advisor who can ensure you’re making the most out of your pensions.
In this episode:
How to have full visibility and keep track of how your pensions are performing
How to reduce paperwork and admin by consolidating your pensions
Ways to save money on management and admin fees
Why consolidating your pensions will provide greater options for investment
4 reasons why you might choose to not combine your pensions
5 things to consider before consolidating your pensions
Key takeaways and recap of the 4 part pension series
Resources
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