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  • Why consolidating at retirement is important

    One of the most crucial times to consolidate your investments and pensions is as you approach retirement. Discover why, plus find out about our latest transfer offers.

    Last Updated: 29 January 2024

    As you approach retirement, the task of managing your finances becomes increasingly crucial. One key aspect that can be overlooked is consolidating your investments, pensions, and savings.

    This process involves transferring your financial assets to one provider. It may seem like an administrative chore, but there are a number of reasons why it’s essential to consider consolidating investments and pensions at retirement as it can help improve your financial well-being. Below we explain the main benefits of consolidating at retirement.

    This article isn’t personal advice. If you’re not sure what’s right for you, please ask for financial advice. Before transferring, make sure that you won’t lose valuable benefits or guarantees and check for excessive exit fees.

    1. Less hassle and more time

    Retirement should be about enjoying life, not having to wrestle the complexities of financial management. Consolidating to one provider can reduce the hassle of having to juggle multiple statements, passwords or contact information.

    By holding your pensions and investment under one roof, you’ll spend less time navigating paperwork and keeping up with admin tasks. You’ll have the time to focus on what really matters - enjoying the fruits of your labour.

    2. Easier management

    Having multiple accounts with different providers can create a maze of complexities for retirees. Consolidating to one provider makes it much simpler and easier to manage your retirement savings.

    The ability to manage everything in one place can also help provide a sense of control and confidence in financial decision-making during your retirement.

    3. A clearer overview for financial planning

    Consolidation before retirement could allow you to adopt a more holistic approach to financial planning. By having a comprehensive view of your investments and pensions, you can better align your portfolio with your retirement goals and risk tolerance. It could also help you to make more informed decisions about your retirement income.

    Managing multiple investment and pension accounts with different providers could also complicate the inheritance process for your beneficiaries after your death. By consolidating your assets to one provider it simplifies the transfer of your money to the next generation.

    4. Reduced costs

    When you give up work, every penny counts. But managing various accounts with different financial providers comes with a range of fees and expenses. Consolidating can potentially result in reducing costs and saving money. You could eliminate paying duplicate management fees or multiple administrative expenses.

    By saving on fees, you’ll have more money that you can put towards your lifestyle in retirement.

    More on HL's fees

    Why consolidate with HL?

    Our award-winning accounts have a lot to offer if you want more control and choice.

    • Invest how and where you want – If you are still investing and not taking all your pension as income, you can pick your own investments, select one of our ready-made portfolios, or pay a financial adviser to choose investments for you.
    • Easy-to-use online account - You can check your account whenever you like, online and with the award-winning HL app.
    • Flexibility at retirement - You can choose to take a flexible or secure income.
    • Peace of mind - We’re a financially secure FTSE-listed company, trusted by over 1.8 million clients. We have over 40 years’ experience in empowering people to save and invest for a brighter future.
    • Expert help is only a phone call away - Get ongoing support from our UK-based helpdesk and the answers to your questions no matter how big or small to help you make informed decisions.

    More on transferring

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