Archived article: This article was correct at the time of publishing. Tax, investments and pension rules can change over time so the information below may not be current.

Why should you consolidate your investments?

Don’t put all your eggs in one basket. This is a golden rule of investing, but when it comes to choosing your providers there are actually many reasons to keep all of your accounts in one place. This is known as consolidating, and in this article we explain the different ways it could benefit you.

Lee Dooley Lee Dooley
01 April 2016

You could pay lower fees

All providers charge a fee to look after your investments, so with fewer providers you could pay much less in fees. And with less money disappearing in fees, there’ll be more to invest. This can be especially true of pension schemes from several decades ago that tend to have higher and more complex charges*.

Less paperwork and admin duties

Nobody enjoys filling in forms or sorting through paperwork. When you consolidate your ISAs and pensions you’ll only have to deal with paperwork from one provider – potentially saving you a lot of time and stress.

It’s easy to keep an eye on your investments

If one of your investments takes a turn for the worse, the quicker you weed it out of your portfolio the better. With all your investments in one place it’ll be easy to see which ones are performing well and which ones aren’t.

You will also be able to see how much you have saved at a glance, rather than comparing and adding up several statements. This can be particularly useful when it comes to saving for retirement.

Investing is simpler and quicker

If you do need to make changes, you will spend less time on the phone or in front of a computer with all your investments under one roof. Instead, buying or selling investments can take just a few minutes – giving you more time to do the things you enjoy in life.

How long does it take to consolidate with Bestinvest?

With our new electronic transfers, consolidating ISAs could take just a week and pensions just 15 working days. These faster transfers could mean less time spent out of the market. Some providers still require manual transfers – these can take up to 8 weeks for ISAs or 12 weeks for pensions. Either way, our dedicated transfer team will oversee the whole process.

How to start consolidating your investments

You can begin transferring ISAs or consolidating pensions in a few clicks using our website. If you have any questions or would like some help with the process, or you’d like us to send you paper forms, please call us on 020 7189 2400 at a convenient time.

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*Before you consider transferring a pension, it is important to ask yourself: Will I lose any valuable benefits or features from my existing pension plan? Will I incur any penalties on my existing pension if I transfer? Is it an occupational final salary pension scheme? (in which case it is very unlikely to be advisable to transfer) Have I considered the charges on my current plan? (a new arrangement may be more expensive – especially if you have a stakeholder pension).