State Pension:
The State Pension is still an important source of income for many people, so it is important to understand when you can start receiving the State Pension and how much you’re entitled to. This depends on your National Insurance contribution history, and can be checked online here.
You need to claim the State Pension, as it’s not automatic. Check your State Pension age and consider whether delaying the claim could benefit you.
State Benefits Eligibility: Investigate other government benefits or schemes you may be eligible for, such as Pension Credit, Winter Fuel Payment, or Council Tax Reduction.
Personal and Workplace Pensions:
Review Your Pensions: Obtain the value of your personal and workplace pensions, and find out how they can be accessed and when. Some pensions, particularly older private pensions and workplace schemes, can penalise you for retiring early. We can help you to decide when to take your pensions, and bridge any financial gaps.
Consolidation: Consider consolidating multiple pension pots for easier management and potentially lower fees.
Personal and Workplace Pensions:
Keep it simple: Having your pension savings in one place will make it easier to keep track of them.
Plan for the future: Bringing your pensions together makes it easier to see if you’re on track for the retirement you want, and easier to implement a pension income strategy.
Consolidate your plan charges: Some pension plans may have higher charges than others. Combining your pensions in one place will mean you benefit from having just one plan charge.
Access flexible options: Old pensions don’t offer flexible income planning, such as drawdown, and so moving to a new scheme can open up a range of new options for you.
Frequently asked questions
How do I check how much State Pension I’ll get and when?
You can request a State Pension forecast, which shows your expected amount based on your National Insurance record and confirms the earliest age you can claim it. It’s worth checking well before you plan to retire, in case there are gaps worth addressing.
I have several old workplace pensions — should I combine them?
Consolidating can make sense if it simplifies managing your retirement income, reduces overall charges, or moves you into more suitable investments — but it isn’t automatically right for everyone, which is why comparing the actual pots matters more than assuming combining is best.
What should I look for when comparing my old pension pots?
Charges, the investment options and performance available, any valuable guarantees attached to older schemes, and how flexibly you can access each pot are the main things worth comparing before deciding what to do with them.
What does pension drawdown mean?
Drawdown allows you to keep your pension invested while withdrawing an income from it as and when you choose, rather than converting the whole pot into a fixed income. It offers flexibility, but also means your fund’s value — and how long it lasts — depends on investment performance.
Are there situations where consolidating pensions isn’t a good idea?
Yes — some older pensions carry valuable guarantees, such as a guaranteed annuity rate or a protected pension age, that would be lost on transfer. This is precisely the kind of detail worth checking carefully before combining anything.
This is general information and does not constitute personalised financial advice. Individual circumstances vary, and product and tax rules can change. Apex CB Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority (FCA No. 507964).
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