💬 'I'm in my mid-40s and have moved jobs fairly regularly. This now means I have eight pension pots, some with as little as £1,000 in. Will this pose an administrative nightmare when I retire? Should I combine them into one?’' ⬇️ An expert responds:
There are plenty of reasons why combining your pensions with a single provider can be a good idea. Most obviously, a single retirement pot is much easier to track and manage than having various pensions with different providers.
The impact of reducing your pension charges can be significant, particularly over the long-term. Take, for example, two people, Gemma and Chris, who each contribute £2,000 per year to their pension and enjoy 5 per cent investment returns before charges are accounted for. However, while Gemma pays just 0.5 per cent in charges, Chris pays 1 per cent.
If you do decide to consolidate with a single provider, assuming these are ‘defined contribution’ pensions – where you build up a pot of money which you can access from age 55 – the process should be relatively simple. Note that the minimum age you can access your pension is set to rise to 57 in 2028.
You’ll just need to choose a provider with whom you want to consolidate your pensions and get the details of the pension or pensions you want to transfer over. Once you’ve given the relevant details to your new provider, they should do all the legwork for you.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Four MPs claimed driving fines on expenses - and now have to pay the money backA government minister, two Tory MPs and an SNP representative wrongly claimed hundreds of pounds of driving fines on expenses.
Weiterlesen »
Aldi's Specialbuy pool that's 'great value for money' is backReturning just in time for summer many have been impressed with the quality and size
Weiterlesen »
Jake Oettinger 'money' for the Stars when they needed him most: 'He's our rock'Jake Oettinger's already earning a reputation as a proven playoff performer. Dallas needed its netminder to be at his absolute best in Vegas Saturday. And Oettinger rose to the occasion, writes SaadYousuf126. 'You can’t describe it. He’s special.”
Weiterlesen »
I bought a car from Facebook marketplace for £800 and DOUBLED my money in 24hrsA MAN claims he bought a second-hand car on Facebook Marketplace and made more than £800 profit in less than 24 hours. The expert car flipper took to social media to reveal the decent sum he made a…
Weiterlesen »
'Travelling to my cancer treatment cost me £300 a month - I struggled to affordAlmost three-quarters of cancer patients and their families are worried about spending nearly £300 a month to travel to hospitals for chemotherapy and radiotherapy.
Weiterlesen »