It can be hard to keep track of multiple pensions, especially if you can’t remember who the scheme is with and when you paid into it. You might consider pension consolidation, a process that allows you to pull all the strands of your retirement savings together into one manageable pot.
Investments made through pension wrappers have reached a new high of £13.4bn in the third quarter of 2017, up 66.3 per cent on last year.*
The figures showed the amounts coming into pensions through transfers was particularly high. For instance, transfers into self-invested personal pensions (SIPP) more than doubled over the past 12 months to reach £1.9bn.
In recent years final salary pension schemes have been phased out by employers because people are living for longer and the uncrystallised liabilities are wreaking havoc with corporate balance sheets. Robert Blumberger explains why this is happening and sounds a cautionary note for those attracted to the idea of transferring.
Pension freedoms are causing big changes to the annuities market as people understandably assess their options for buying one or exploring alternative options that came into force in April 2015. Clive Barwell, an Independent Financial Adviser with Wren Sterling and Accredited Member of the Society of Later Life Advisers, talks about how the new freedoms will impact the annuities market over time and why the role of the adviser has arguably never been more important in pre and post-retirement financial planning.