deVere Investor Insight - Q1 2021

14 Investor Insight // Q1 - 2021 We have seen many clients consolidate their small pensions into one single scheme which is normally a Self- Invested Personal Pension so they can benefit from one single set of paperwork and one fee structure. It is also beneficial to manage one single scheme and ensure that it fits your risk profile and is suitable for your circumstances. I would suggest that you speak with your local deVere Adviser as retirement planning is a priority for us all and transferring pensions can be complicated. I also believe it is important you receive the right advice to suit your objectives. The advice will review all your schemes which may be a combination of defined benefit schemes and defined contribution schemes. As a result, a detailed study would be required to review the benefits offered by such schemes and your retirement needs and wants before we consider I have several small pensions from the many jobs I’ve had in the UK and I’m wondering if it’s possible to consolidate them into one pension? If so what would the benefits be? a transfer. We will also need to review if you need to save further monies to meet your objectives. It is interesting that according to the Office of National Statistics in the UK, about 9% of staff change jobs on average each year and according to online Career Advice, a UK resident will on average change jobs 5-7 times which normally means each job comes with a new pension!! Holding small pension amounts can be quite costly as well as time consuming and transferring small pensions has in the past been awkward due to fees and charges eroding any potential growth. This is why deVere will shortly be launching a low cost SIPP which is designed for these small pension amounts subject to the advice meeting your needs and objectives.