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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4543
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I'm wondering whether it is best to put all of my

Resolved Question:

Hi, I'm wondering whether it is best to put all of my pensions in one pot or to keep them where they are? I do not earn much. My salary without bonus is £40,000. I am 45 years old and have worked at 5 companies so have 5 pensions, namely with Aegon, Barclays
(Tower Watson?), Standard Life, Hargreaves Lansdown (where I currently am) and one for when I worked at Rabobank. Thanks.
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend, Hello and welcome. Thank you for providing an opportunity to assist you. What you are referring to is "consolidation" of pension pots. Consolidation of pension pots has it usual advantages. You will not have trouble monitoring performance of five different funds. Also, you, at this age, has ample time to judge that if you carry on with your present situation of all your pots, what appreciation you are likely to see in future. However, you need to know that if the pots are performing nicely at present, you need not consolidate it. I would suggest you to kindly check if the pots are earning / performing satisfactorily. If yes, then you can avoid consolidation at this age and can do it later. Most people consolidate the pension funds after the age of 50 or 55. The reason is -- if the pots are performing fine, then there is no need to disturb them, incur charges and consolidate. However, if they are NOT performing, then consolidation IS CERTAINLY a very good idea and you can go ahead with that. The following are some informative resources for you. http://www.pensionsadvisoryservice.org.uk/about-pensions/when-things-change/when-relationships-end/Things-to-think-about http://www.which.co.uk/money/retirement/guides/should-i-consolidate-my-pensions/ I am sure this would help. I wish you good luck.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.Warm Regards,
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Customer: replied 1 year ago.
Dear Rakhi, Thank you very much for your advice. The links look most useful and I will take great interest in reading them. Kind regards, Cathy

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