Journal
When leaving a workplace pension alone is the better move
Transferring every old pot into one place feels tidy. Sometimes the charges, guarantees, or exit fees say otherwise.
Clients often arrive wanting every old pension moved “for simplicity.” Simplicity is a real benefit — fewer logins, clearer death-benefit nominations — but it is not free.
Charges that only appear when you leave
Some older personal pensions still levy exit penalties in the early years. Others look expensive on paper until you notice the guarantee attached to the income. A consolidation review should put those numbers next to the ongoing charges of the receiving scheme.
Guaranteed annuity rates
A deferred pension with a guaranteed annuity rate can be worth more than a larger pot without one. Giving that up for a modern platform with pretty charts is rarely the calm decision it appears to be on a comparison screenshot.
What we document either way
Whether we recommend a transfer or a leave-alone decision, you should receive a short written rationale. That note helps if a relative later asks why one pot stayed put — and it keeps the advice file honest.