Most of us now change jobs many times in our careers. As you progress, it’s essential to keep track of your old pensions. Don’t leave this money on the table – you earned it! Pension consolidation can help you to take control of pensions from your previous jobs with a single investment strategy, visibility and control.
What is Pension Consolidation?
Simply put, consolidating your pensions means combining all – or most – of your pension pots with a single provider.
Most of us will change jobs many times in our careers, so collecting a bunch of pensions from old jobs is increasingly common. In Ireland, by the time we’re in our forties, many people have had several jobs over the years. If you held each job for 3-5 years, you have most likely amassed a reasonable pension pot in each. Now imagine how hard tracking your money can become!
Why consolidating is a solid decision.
Whilst consolidating your pension isn’t always the answer for everyone, it can be a great tool! It can help you manage your pension and better plan for your financial future.
Some reasons to consider consolidating your pensions:
- Keeping track of your pensions becomes easier
- You can drive down the cost
- Access to ongoing advice
- More investment choices
- Control over timing
Read more about the reasons consolidating your pension can be a great choice: read more
Investment choices when you consolidate your pension
One of the advantages of consolidating your pensions? You get to choose investments that appeal to you, and are appropriate for your situation! That could mean adjusting the risk-reward profile of your pension for better growth prospects read more, investing your pension ethically read more, or choosing your own investments read more
Whilst consolidating your pensions can be a great tool to help you keep track of things, it may not be the right decision for you. Consolidating pensions should be considered on a case to case basis.
Want to learn more about how to consolidate your pensions, join our 30-minute session to learn more join here
So, what are you waiting for? It’s time to get on board!
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