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Posted on: 09 Mar, 21

One thing retirement is not, is an age. Not any more anyway. Gone are the days of being told to stop working one day and pick up your pension the next. Today you have new pension freedoms to decide when and how you retire.

By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension schemes. There’s no wrong time to start thinking about pension consolidation, but you might find yourself thinking about it if you’re starting a new job or nearing retirement. Consolidating your pensions means bringing them together into a new plan, so you can manage your retirement saving in one place. It can be a complex decision to work out whether you would be better or worse off combining your pensions, but by making the most of your pensions now, this could have a significant impact on your retirement.

Types of pension

There are two types of pension – Defined Contribution (DC) and Defined Benefit (DB) pensions. DC pensions (the most common type) are where you build up a pot of money over your working life. Contributions come from you and possibly your employer, providing you with an income in retirement. DB (or final salary) pensions are company pensions that pay you a set income based on how long you work for the business and how much you earn. They provide a valuable guaranteed retirement income, but aren’t that common now...

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