The Meaningful Money Personal Finance Podcast Helpful Basics -Combining Pensions
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Nov 27, 2024 Explore the world of pension consolidation, tackling the benefits and challenges of merging old plans. Discover why it's essential to understand your existing pensions and the hidden values they may hold. Learn about the complexities of defined benefit versus defined contribution schemes and the risks of transferring. Get practical advice on navigating the transfer process, and see how better management can lead to enhanced financial security. Plus, uncover strategies for informed decision-making to align pensions with your future goals.
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Why and How to Combine Pensions
- Consolidate pensions to simplify tracking and reduce fees.
- Look for hidden benefits and flexibility in modern plans.
Pension Transfer Process
- Request your new pension provider (B) to initiate the transfer from your old provider (A).
- Be mindful of potential delays during the transfer process.
Transfer Timescales and Cash Implications
- Transfer times can vary significantly, causing funds to be in cash, missing market gains.
- Vanguard has slow transfers (29.3 days average), while Forrester Life is much faster (4.4 days).