Automatic transfers consolidating pension savings
It’s essential that you review your pension situation regularly.
If you find you have a shortfall, the need for action is clear.
If you have spare income, then putting it into a pension is one of the most tax-efficient ways of investing it.
Any additional income you save into a pension will be topped up by the taxman.
If your retirement savings are broadly on track, you can still take steps to make it more certain that your pension pot will be able to achieve the income you want when you retire.
If you haven’t yet reviewed your pension savings against a retirement income goal, we have a handy worksheet to help you do this – use the link below.
Manage your pension savings online like your bank account Boost your pension pot by saving more, or change how your money is invested Tell us who we should consider passing your savings to if you die before you take your pension savings – that could be people or organisations Change your selected retirement age Transfer other pensions into one place with The People’s Pension Moving house is hassle enough, so notifying just one provider is a handy time saver.You may like a personalised illustration before you transfer, just let us know and we’ll send you one.Although we don’t give financial advice, we’ll be happy to do everything we can to help you.You shouldn't, however, combine a pension pot that includes a guaranteed annuity rate (GAR) with other pots, if the offered annuity rate (GAR) is attractive.The guaranteed annuity rate could be lost if you combine pots. It’s likely to be cheaper to take income drawdown from a single, larger pot than several smaller pots.
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If you’ve worked for more than one employer, it’s likely you’ll have several pensions.