Five issues to consider before consolidating pension pots
By Robbie Lawther, 2 Sep 19
Industry changes have made it natural to want to ‘tidy things up’ into one pot – but is it a good idea?
Click on the gallery below to find out why Royal London’s Steve Webb believes you should seek advice first.
LTA opportunities
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4. Missing out on ‘small pot’ privileges for those with lifetime allowance (LTA) issues.
Accessing a pension generally counts against your lifetime allowance (currently £1.06m); but savers are allowed to take up to three ‘trivial’ pots of under £10,000 ($12,100, €11,000) without counting against the LTA; those who retain small pots rather than combining them effectively add £30,000 to their LTA.
Tags: Consolidation | Pension | Royal London
