Following on from our previous blog – http://investorprofile.co.uk/pension-pot-consolidate-pensions-save-money/ read this month’s case study about how a client of ours (John) consolidated his pensions with Investor Profile.
John works in the construction industry and as anyone that knows anyone that works in construction will know, they move around from job to job quite often. So naturally John managed to accumulate an impressive 6 Pension plans, all with different providers, by the age of 45.
Now it’s probably fair to say that although John enjoys working with numbers, enjoys planning and therefore, in theory, he should enjoy planning for his financial future, in reality he finds Pension and retirement planning pretty boring.
That’s fine, because we love it. So we set to work on gathering all of the information we need to fully assess every single plan properly. Having looked in to each plan carefully to make sure we knew exactly what he had and what was on offer from each Pension plan, we made the recommendation to consolidate every Pension into one, single, new ‘super Pension’.
The new Pension would help to invest all of the money that was previously scattered around in to one, personalised portfolio of funds that would be more suitable for John’s needs.
You see when you accumulate 6 different Pensions with different Pension companies, you also accumulate six different investment strategies that don’t necessarily complement each other. So it’s all a bit messy. What we did for John was to tidy it up!
Now John knows that he has one, single, central Pension that will always be his main Pension which he can move his old employer plan in to whenever he changes jobs, assuming it makes sense to each time. That will make his retirement planning so much easier to do, and in turn make it more likely for him to realise what he needs to save and invest to reach those retirement targets.
For more information about consolidating your pensions in one pension pot, contact us on 01604 211234 or book online for half an hour of telephone financial advice at a time convenient to you by simply clicking this link: http://investorprofile.co.uk/services/investment-surgery/