Page 62 • The HERALD • 27th October 2022 v THE HERALD - INDEPENDENT AND PROUD OF IT v YATES & CO Chartered Accountants Specialists in providing accounting and taxation advice to small businesses and individuals Contact: Colin Yates A.C.A. Telephone: (023) 8086 1550 E-mail: enquiries@yatesco.co.uk Personal and Friendly Service Looking for a Bookkeeper? Sole Trader - Limited Company Self Assessment, Accounts, Payroll Please call Johanna on 023 8089 9365 ASK A PROFESSIONAL BRINGING PENSIONS TOGETHER - WHAT TO CONSIDER IF YOU HAVE MULTIPLE PENSION POTS by Michael Osman, Oyster Financial Planning e employment landscape has evolved signi cantly over the last few decades and changing jobs multiple times before retirement is now very much the norm. But did you know there is an estimated £9.7 billion of unclaimed UK pension funds? Over time, it is pensions with di erent providers, you may be paying multiple annual fees. Consolidating your pensions may help you save money on fees. You could also greatly increase your investment choices. REASONS WHY YOU MAY NOT WANT TO CONSOLIDATE YOUR PENSIONS One key disadvantage is that you may lose out on valuable bene ts. For example, some schemes may o er better death bene ts than others. Another potential downside is that some schemes may have higher charges than you are actually currently paying, which means you would end up paying higher fees. To discuss simplifying your pension plans and creating a greater focus on your retirement get in touch with Michael at Oyster in the heart of Hythe village call: 023 8084 8410. easy to lose touch with your pensions as we change jobs, move home and the companies we have worked for change ownership or close down. So that means potentially ending up with a number of di erent pension pots. If you’re one of the millions of people with multiple pensions, it may be appropriate to consider consolidating your personal pension pots and bring them together. NUMBER OF DIFFERENT PENSIONS Consolidating these pensions can simplify your nances and make it easier to keep track of your retirement savings. Having said this, not all pension types can or should be transferred. It’s important to obtain professional advice so you know and can compare the features and bene ts of the plan(s) you are thinking of transferring. WHAT IS PENSION CONSOLIDATION? Pension consolidation is the process of combining multiple pension pots into one single pot. You may want to do this to make it easier to keep track of your retirement savings, or to try and get a better rate of return on your investment. But there are a few things to consider before consolidating your pensions, such as any exit fees that may be charged, and whether or not you will lose any valuable bene ts such as guaranteed annuity rates. SIMPLYFYING YOUR FINANCES If you have multiple pension pots, it may be di cult to keep track of them all. Consolidating your pensions into one pot could make it easier to manage your retirement savings. Save on fees: If you have multiple Michael Osman, Oyster Financial Planning
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