Some people in the UK have several jobs during their lifetime, which can mean several pension plans scattered across different providers. Consolidating them into one plan could help your clients get the most from their savings.
Benefits for your clients
Switching and consolidating savings could help clients get more from their pensions:
- Your clients will have one set of charges to pay as their pension savings are all in one place
- With Pension Portfolio, we'll reward your clients by reducing our management charge as they continue to contribute to their plan and the value grows
- Clients will only have to deal with one pension provider, making their pension easier to manage
- With our mobile app, clients can keep track of their savings whenever, wherever they like
- Our ProfitShare scheme means that when we do well, we'll aim to boost your clients' pension savings with a share of our profits each year.
Pension switching may not be suitable for all your clients. For example, if they're part of an employer's pension scheme, a Direct Benefit (Final Salary) scheme or their existing plans have any guarantees or enhanced tax-free cash, transferring into a new plan may not be in their best interests. For more information, see our dedicated DB page.
How we support you when switching pensions
We offer a range of resources to support your business when switching your client's pensions to us:
- Our pension switching leaflet includes a case study that brings the benefits of switching to life
- An approach letter and client facing leaflet to help start your conversations
- A transfer in drawdown approach letter for your clients in drawdown
- We've also developed a handy checklist to help you determine if switching is right for your client.
Resources and services
Financial planning tool
Create a financial plan to give your client a full picture of their different sources of income and how their spending needs could change over time.
Client review service
With just a few simple clicks, you can create branded, visual reports which delve further into the ongoing performance of your client’s plan – and their outlook for the future.