Consolidate my pensions

The benefits of combining all your pensions

Trace my pensions

Most people have a vague idea about the whereabouts of their pensions. They know that they likely have one or a few but don't know where they are exactly.

Do you know where yours are?

This uncertainty is why there's 1.6 million pensions worth around £20bn of pension money currently sitting unclaimed. It is easy to lose your pension, adding up to this large number of lost pensions.

This is one of the reasons why you should consider combining your multiple pension pots into one.

Keep on reading to learn more on why combining your pension pots might be beneficial for you.

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What is pension consolidation?

Pension consolidation is the act of combining all your pensions in one pension. For instance, if you have five pension pots scattered from various employers throughout your career, you can transfer and combine them under one pension plan.

Raindrop provides a pension consolidation service, a platform which can track your lost pensions from your previous employers and consolidate them into one new Raindrop pension plan which you can track 24x7. 

You have peace of mind knowing where your pensions are and their value. If you change jobs again, you can always bring over your pension to Raindrop, as Raindrop is a personal pension that will stay with you for life sitting side by side with your employer workplace pension.

 

Why you should consider consolidating your pensions

It is important that you are aware of your options when it comes to combining your pension, as well as the benefits of your decisions.

Most people don't know that when they change addresses or change jobs, their workplace pension doesn't automatically follow them. With each new job, you get a different workplace pension pot; it's not one universal work pension. While you could transfer your previous workplace pension to your new workplace pension, most people forget to do this. Employers also do not encourage you to transfer over your pensions; and you could potentially lose valuable benefits specific to the scheme you are leaving.

 

Losing track of your pensions is clearly easy and possible, but what if you had combined them all in one pension plan? 

There are also a lot of people that are not aware of how many pension pots they have savings in, or even their value.

Therefore, transferring your pensions under one pension provider and combining them could be a good option for your retirement plan. It is important to also do research to understand the underlying investments under each pension. Combining your pensions could mean that you may have to invest your money into one investment plan, therefore it is good to see if that plan is right for you and your retirement needs.

 

Save time and have less stress

We understand how stressful it is to not know where your pensions are, and going through the stressful process of finding all your lost pensions - the process is not straightforward. It  also can be very time-consuming to find all your previous pension providers, contact them and find out more about the value of your pensions.

To avoid this hassle, Raindrop launched a service where you can find your lost pensions and transfer them all into one place.

benefits of combining all your pensions

Save money from fees

Before transferring your pension, it is always best to consult your pension provider and find out whether it will benefit you in the long run.

But, if you do decide that transferring and combining your pensions is the best option for you, you could save money with that move. This is because one pension provider might charge lower fees to manage your pension than the other one, therefore reducing your overall pension management costs. Fees over time would eat into your overall pension amount available in retirement therefore it can play an important factor in your retirement journey.

However, it is important to weigh fees alongside investment options because some pension providers may have lower fees, however their investment plans may not suit you. Therefore you should look at more than just saving on fees when looking to transfer your pension. If in doubt it is usually good practice to speak to a financial advisor.

 

Your money is visible in one place

Doesn't it feel good knowing exactly where your life savings are and how much you've saved overall?

You feel at peace and more in control of your life. No more sleepless nights wondering how you could have lost your life savings and if you'll ever get it back. It is possible with an online consolidation service like Raindrop's.

You are able to plan your future knowing where your hard-earned money is and its value.

 

You are in control of your personal finances.

Trust Raindrop that it will help you every step of the way. 

We offer investment plans offered by world class money managers: BlackRock® and Legal & General. To know about how our pension finding and combining service works click here.

If you choose to consolidate your pensions with Raindrop please note that like any investment your capital is at risk and the value of your pension can go down as well as up.

Ready to consolidate your pensions?

Get started in 5 minutes. Why not take a look now and see how easy it is to combine your pensions?

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Capital at risk

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