We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Multiple Pensions

Darrenbf
Darrenbf Posts: 1 Newbie
in Pensions, annuities & retirement planning
I'm 36 and have 6 seperate pension schemes that I've paid into. Three are with different employee schemes and three are with my bank. I currently pay into my present employer scheme only. Is it possible to combine all of the funds, and will that provide a better pension upon retirement? The total value at present is £35k. Any advice is appreciated.

Comments

  • dunstonh
    dunstonh Posts: 121,231 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Is it possible to combine all of the funds,

    Usually yes.
    and will that provide a better pension upon retirement?

    Sometimes yes,sometimes no. It depends on the pensions in question (what type, how they are invested and what the charges are).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • sdooley
    sdooley Posts: 918 Forumite
    Your employer scheme is worth keeping if the employer pays in. Also ones from previous employers may be worth keeping if they negotiated particularly low charges. I am not an IFA so I can say independently it might be worth seeing one if you're not sure.

    The biggest risk I can see with so many small pension pots is that one will get forgotten. It happens - there are millions unclaimed!
  • Retired_I.F.A.
    Retired_I.F.A. Posts: 863 Forumite
    sdooley wrote:

    The biggest risk I can see with so many small pension pots is that one will get forgotten. It happens - there are millions unclaimed!

    Very true, I managed to forget about 2 I had ceased contributing to for about 10 years. Easily done if you dont let them know of a change of address.
  • darenmatthews
    darenmatthews Posts: 46 Forumite
    I have same question (multiple pensions from old jobs). I'm currently self-employed and have no pension. How can I combine my old pensions? Where do I start?

    Thanks in anticipation of help.
  • dunstonh
    dunstonh Posts: 121,231 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I'm currently self-employed and have no pension.

    Ouch. You are aware that self employed do not qualify for the full state pensions? £4700 from the state is the figure you are looking at.
    How can I combine my old pensions?

    By chosing a pension and transferring them.
    Where do I start?

    First decide how you want to invest and what sort of investments you want to use. Then use the most appropriate pension that offers those investment options. Or get an IFA to do it for you.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • shaunrc
    shaunrc Posts: 207 Forumite
    Hi

    Firstly I work as an IFA so please do not take this as specific advice as that has a particular meaning for a regulated person like me.

    I can see one or two people here looking at consolidating pension funds and you may be pleased to hear that some of the providers are looking to offer deals to people who have reasonable funds. An example of this would be for funds maybe of £50,000 and above and for people ideally below 45. I have been looking at these deals and it is possible to get a reduced amc compared with stakeholder charges and a wider fund choice. So there are possibilities about. So if you have the time or can find a good IFA to arrange things for you then it is worth looking.
    I am an Independent Financial Adviser. For regulated individuals like me there are rules on giving financial advice. Therefore any posts I make are meant to be helpful but are not financial advice.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.2K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.2K Work, Benefits & Business
  • 603.8K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture