Once you’ve decided you want to consolidate your pensions, the next action is to choose who to use.

Choosing what to do next can feel like an overwhelming decision. But we can break this down into some simple, manageable steps focused on finding a provider that meets your needs. 

Plus, if things change in the future you can always change providers. It’s not a ‘forever decision’. 

The three main things to think about are:

• Service – Do they provide the support you need?

• Investment choices – Do they give you access to the investment options you want?

• Costs – How do the full costs of the service compare to the support they’re providing?

Questions to ask yourself about the service  

• How will you connect with them – is there an app you would use?
• Can you speak to a person when you want to?
• What support do they provide? For example, around investment choices or how much to pay in and post retirement options?
• Will they help you with the consolidation process? Even if you don’t need help, you might want support doing this.

Questions to ask yourself about the investment choices

Providers can offer a variety of different investment choices. They can range from a very wide choice with little support, to a smaller selection with more guided support on where to invest.  

How much support you want and how confident you are in choosing and monitoring your funds will be the main driver of your decision here. 

Are you the kind of person who’ll want support making investment choices? Or are you happy to take charge of everything yourself?

Questions to ask yourself about the costs

This is about value for money rather than the lowest price. When comparing costs it’s important to understand what you’re paying for. If you want support and guidance, this usually comes at a higher cost. If you’re confident doing it all yourself, the cost will generally be considerably lower.

Something that can help here is to write down a list of providers and judge them against what you want from them. 

If you’re struggling with a final decision, remind yourself of the reason you decided to consolidate then rank the shortlist against your priorities. This should leave you with your final choice.