You may have collected several pension pots or ISAs over time that can be hard to keep track of and manage. Transferring your investments and consolidating your investment portfolio in one place could be beneficial for you and your financial adviser, if you have one, to help manage your investments more easily.
Transferring could give you:
- a consolidated view of your investments – all on one statement;
- easy access to online portfolio valuations;
- the ability to view and track performance of your investments and make changes to your portfolio if you need to;
- easy switching between funds, and
- access to portfolio planning and analysis tools to help your financial adviser, if you have one, keep track of your investments.
Things to think about before you make a decision
Transferring or consolidating a pension may not be the best option for you. You may lose features, protections, guarantees or other benefits - so make sure you compare products before transferring or consolidating. It’s up to you to decide if this is the right decision for you. If you’re not sure, speak to a financial adviser - there may be a charge for this.
It’s important to remember the value of your consolidated pension pot can still fall as well as rise and the final value of your pension pot when you come to take benefits may be less than has been paid in.
Any new funds you move your money into will have their own set of risks that will be detailed in the fund information available to you.
A transfer for consolidation purposes could be from one capital at risk stocks and shares ISA, general investment account (GIA) or pension product to another – so the value of your investments after any consolidation can still fall as well as rise and you may get back less than you invest.
Alternatively, the transfer could be from a cash ISA to our stocks and shares ISA. In this scenario you need to be aware that you’re transferring between two very different products.
Unlike money held on deposit as it is in a cash ISA, your money in a stocks and shares ISA is at risk; its value could fall as well as rise and you could get back less than you put in – so although our stocks and shares ISA has no fixed term, you should be prepared to hold your investment for at least five years – ideally longer.
Any new funds you move your money into will have their own set of risks that will be detailed in the fund information that will be available to you.