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Pension consolidation

Pension consolidation is an option when a person has more than one pension scheme, even if the other schemes are ‘dormant’. Having more than one pension scheme is not uncommon, and many people take the option to consolidate them. There are clear advantages of doing this in some cases, but it needs to be known that these are wholly dependent on your personal plans, so speaking to a financial adviser is recommended.

It could be that you have a number of plans from previous employers, your own individual plans, and others that you might not even remember about or where they came from.
It could be that they are either worth more or less than you thought, and at the very least you'll want an idea of what you could expect from them at retirement.

Have a look at our section on investment returns to see what the difference could be.
The investment of your pension funds is the most important aspect of pension planning. Remember, a pension is only a tax wrapper and the most important aspect is to look at where it's invested. Have a look at our sections on investment risk.

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