One broker or two?

If you use the money to buy an annuity the question is moot because there will be no portfolio to administer. Assuming you choose the LRIF or LIF (the LRIF is normally recommended where available), then our usual advice is to consolidate the money in one place. There are four main reasons for this:

1) Cost savings. Each plan will attract administrative fees.

2) Withdrawals. All your payments will come from a single plan, which makes the cash flow easy to track. Also, you don’t have to worry about different minimum and maximum withdrawal requirements between accounts.