Over the years, many of us accumulate multiple pension pots without really knowing what each contains, how they perform, or when we’ll be able to access them.
This is the exact situation Mike Park found himself in, and the reason he contacted Lloyd after a friend recommended him.
Mike says, “I wanted to consolidate our pensions because I had quite a lot of pensions in different pots, and I wanted to really understand their value and how we could make best use of them.”
In the latest of a series of case studies showcasing some of the work we’ve done, find out how working with Lloyd French helped Mike and his wife gain clarity, control, and confidence.
Multiple pensions can cause uncertainty
Between them, Mike, a senior executive, and his wife had accumulated several pension pots. They needed help to:
- Understand the total value of all the pension pots
- Identify how best to maximise investment growth
- Gain clarity on when they could access each pension
- Simplify decision-making around the long-term financial future
He was also keen to see look ahead to the future and make a coherent plan.
Watch: Mike Park tells his story
Action
To help Mike make sense of all his pension savings, we:
Assessed the existing pensions
We reviewed each pension pot that Mike and his wife had. From here we created a clear picture of the value of each pension, together with the terms, fees, investment performance, and when Mike could access the funds.
We also checked to see if there were any pots with special benefits attached.
Consolidated pensions into one easy-to-manage pot
Where it made sense, we transferred Mike’s pension funds into one pot. Reducing the number of separate pots Mike had to manage helped him to get on top of the true value of his retirement savings.
Consolidating multiple funds into one can also reduce admin headaches. Plus, when it comes to retirement, Mike will now find it a lot easier to manage his income.
Speaking about the process, Mike says it has helped him “really understand what I’ve actually got in value”.
As a result, Mike was particularly pleased to be able to better understand his options to maximise his investment and the timescales involved when it came to eventually accessing his pension savings.
Used cashflow modelling to help the couple look ahead to the future
Cashflow modelling helps turn clients’ dreams and hopes into reality. For Mike and his wife, seeing a visual chart of when they could access their pension gave them a more complete picture of what they had and where the money was held, or could be accessed from.
Cashflow forecasting isn’t a once-only event.
As Mike says, “Over the last two or three years, Lloyd has worked with us on our annual review, to really help us model those scenarios that my wife and I want to take… often we’ve gone back and forth, trying to really hone them and having some time to think about things, about exactly what we want… it’s been instrumental in how I plan.”
Explained all the options to help inform decisions
A financial plan consists of many decisions, so we ensured that Mike and his wife clearly understood all the options.
In this case: when to draw on pensions, how to balance growth v risk, what decisions could be made now and which could be put off until later.
Mike particularly appreciated how simple Lloyd made things. “(Lloyd) translates financial jargon into things that we can understand and he sets out a range of options for us when we want to move some things around, which is really useful.”
Result
Now that the couple have consolidated their pension pots, Mike and his wife:
- Understand what they own, the value of their savings, and all their options.
- Feel more confident about making decisions based on long-term goals.
- Can move forward with full knowledge of how their actions may influence their financial picture.
Key takeaways
If you or your clients are in a similar situation to Mike, merging multiple pots into one could allow you to benefit from:
- Simplicity: Fewer pensions mean easier tracking, less admin, reduced risk of forgetting one or losing track of terms.
- Clarity: Knowing what you’ve got, when you can access it helps you plan ahead.
- Reduced costs: By reducing duplicated fees and avoiding multiple annual management charges.
- A clear investment strategy: Easier to choose investment mix when everything is in fewer pots; more aligned with goals.
- Better planning: Enables more accurate modelling of income, retirement timing, and cashflow; helps with decision windows.
Get in touch
We’re here to help you gain clarity, confidence, and control over your financial future.
If you’d like to explore whether pension consolidation (or broader financial planning) could benefit you or your clients, we’d be delighted to hear from you.
Email us at mail@delaunaywealth.com or call 0345 505 3500.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
The Financial Conduct Authority does not regulate cashflow planning.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
Workplace pensions are regulated by The Pensions Regulator.
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