It’s likely that you will have jobs at multiple companies throughout your working life.

With company pensions now being mandatory, that means it is also likely that you will have more than one pension opened in your name. Instead of managing multiple pensions, one way to simplify your finances can be to combine them.

Why combine your pensions?

What are the benefits of combining your old pensions into your current one? Here are a couple of ways combining your pensions can help:

  • Easier to manage – Combining your pensions can simplify your finances and leave you with fewer portfolios to manage. This is especially helpful if you try to take a more active role in managing your investments.
  • Single view of savings – Rather than signing in and out of different portals to see individual pension pots, you will have a single view of your investments and savings. This will give you a clearer understanding of where you are in your savings journey.
  • Reduce paperwork – Stop having multiple statements and updates from different pension pots sent to you. Not only will it reduce paper waste, but it can also help reduce the number of forms you may need to fill out.
  • Remove underperforming pensions – While this may not be the case for everyone, a pension pot that is left without attention can sometimes underperform. This means that you may not be receiving the best results for your savings. Combining your pensions offers an opportunity to remove your money from pensions that aren’t doing well.
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Applies to all our plans

Combining your old pensions

For a better look into combining old pensions with us, have a look at this video:

A step-by-step guide to transferring your other pensions:

For more information on how to transfer your other pensions to us using the Creative Pension Trust Member Portal, take a look at this short video explainer:

Combining pensions - what you need to know

Over time, working for multiple companies over the years means collecting a growing number of pensions. This can lead to a lot of confusion and, sometimes, even losing track of them altogether. To help you manage this, you can look at combining your previous pensions into your current one.

Combining your pensions may not always be the right call. Certain types of pensions are best left as they are unless you have specific needs and financial advice, such as final salary pensions.

However, other pensions can often have high charges or are invested inappropriately for you and your savings goals. Unless you are taking an active role in managing your pensions and making the right decisions for each of them, they may not be performing as well as they could be.

To make your life easier, you can combine these older pensions into your current one. Not only does this enable you to keep a better eye on your investments, it can also help you understand your savings journey more fully. While looking at multiple accounts and portals, it can feel difficult to get a clear picture of how close you are to achieving your savings goals.

Additionally, it can be easy to lose track of pensions from previous employers as you move from business to business in your career. By combining your pensions, you are less likely to misplace a pension pot, thereby losing all of the savings you had accrued to that point.

Keeping track of your pensions and keeping an eye on them are only part of what combining your pensions can provide. As well as these features, you will be able to simplify your finances, reduce paperwork, and set your mind at ease knowing that your savings are being well taken care of.

Important information about pension transfers:

  • You may wish to contact a financial adviser about transferring your pension plan
  • You could incur a penalty or charge for transferring out of a pension plan, so be sure to check

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