Pension Consolidation
Empower your employees to take control of their retirement savings
Our digital Pension Consolidation service will help your employees bring all their eligible pensions together into one manageable scheme.
Pension Consolidation
Empower your employees to take control of their retirement savings
Our digital Pension Consolidation service will help your employees bring all their eligible pensions together into one manageable scheme.
Help employees manage their retirement savings with confidence
This easily accessible platform allows employees to consolidate previous defined contribution pensions into a single, flexible scheme. It simplifies the process by enabling employees to input details of old pensions into the platform, view transfer timelines, and assess values, all in one place.
The service responds directly to growing employer demand for support that empowers employees to manage retirement savings more effectively and reduce lost pension pots.
The issue of lost pensions
With 3.3 million lost pensions valued at £31.1 billion, the challenge of tracking and managing retirement savings is escalating rapidly. Whilst auto-enrolment has successfully increased pension participation, it has also led to employees accumulating multiple small pension pots as they move between jobs. In fact, there are now 13 million of these small pots, worth £1,000 or less, with the number increasing by around one million a year. This is making managing retirement savings more complex for employees.
3.3m
Lost pensions valued at £31.1 billion
A straightforward approach
Our digital Pension Consolidation service empowers employees to take control of their retirement savings. Benefits for employees include:
Reduced stress
Tracking multiple pension pots from different jobs can be confusing and time-consuming. Consolidating can take this stress away and ensures no savings are left behind.
Increased savings
Each pension may come with its own set of charges. Consolidating into one scheme could help reduce these fees, meaning more money stays invested for the future.
Improved management
A consolidated pension provides a single, clear view of retirement savings, for better management, transparency and focus on meeting future retirement income goals.
Greater engagement
Seeing the total combined value of a consolidated pension can create a more powerful impact and potentially lead to improved engagement.
Key features of our digital Pension Consolidation service
Simple transfers
An easily accessible digital service that consolidates previous pensions into a single, flexible scheme.
In-house Investment Management expertise
Our team have analysed the whole of the market and handpicked a selection of funds, making it easier for employees to create a portfolio.
Range of investment funds
Employees can choose to invest in a target-date fund based on their anticipated retirement date or build a diversified portfolio by selecting from a curated range of funds.
Experts in education
As leaders in financial education, we help employees understand key investment principles and risk to make informed decisions.
A valuable addition to your employee benefits package
A Pension Consolidation service forms an important part of an employee’s benefits package, particularly for those who have worked for multiple employers and accumulated various pensions over time. Our digital Pension Consolidation service offers employees a clearer path to retirement readiness and is free for employers to implement. The service is intended to support employees in managing their existing pensions and does not replace any workplace pension scheme provided by the employer.
Explore our full suite of Financial Wellbeing services
Many forward-thinking employers provide pension consolidation support alongside other services such as engaging financial education to help employees understand the workplace benefits on offer and make informed decisions to improve their financial future. We also provide an advised service designed for individuals with more complex financial needs.
