If you’ve worked in different places, there’s a good chance you’ve lost track of your pensions in the process. Frozen pensions could be shouldering fees that you’re not aware of (such as inactivity fees), which could be chipping away at the savings you’ve been painstakingly accumulating. After hunting down your frozen pensions (free pension tracing services are available), you’ll have a few different options.
Once you’ve been reunited with your frozen pensions, we can help you get things back on track in a way that suits you.
Planning for peace of mind.
By understanding what’s important to you, we can help you remove any fog about the future and put your wishes first. Depending on your individual circumstances, there will be different options available to you when it comes to estate planning.
Leave it where it is
It may be best, particularly when nearing retirement age, to leave the frozen pension scheme where it is. If it is an older scheme it may have valuable guaranteed benefits. There may be high exit charges and a new fund may not perform as well as the existing fund.
Combine your pots
If you have several frozen pensions, you could combine your pots and transfer them all into one pension fund. One pot may be easier to manage, deliver less fees and give you generally less fuss.
Transfer your pension
After checking fees and charges, it may benefit you to transfer your frozen pension into your new employer’s pension scheme, or into another defined contribution pension scheme of your choice.
Release the capital
If you’re over 55, you can choose to cash in your frozen pension scheme, in part or in full. But as appealing as this may sound, you should first consider what impact this will have on your retirement and what you will use it for.