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    • PJD
    • By PJD 11th Oct 16, 11:25 AM
    • 540Posts
    • 176Thanks
    PJD
    Shall I consolidate my pensions?
    • #1
    • 11th Oct 16, 11:25 AM
    Shall I consolidate my pensions? 11th Oct 16 at 11:25 AM
    When I was very young (30 years ago), my Mum opted me in for some sort of tax relief scheme which put money into a pension (Friends Provident). I have a lump sum sitting in there today (now Friends Life).

    I have a, larger, company pension, with Standard Life, - a couple of Black Rock schemes, with money invested across a number of healthy shares (Unilever, Microsoft, Lloyds, British & American Tabacco,, Toyota etc).

    I know very little about pensions, but was wondering whether it would be a good idea to transfer the lump I have with Friends Life into my company pension?

    Two pros spring to my clueless mind:

    1. My understanding is that Standard Life is a very solid and reputable company.

    2. Easier to manage when all is in one place.

    And a con

    1. Putting all my eggs in one basket (however, the friends life fund is comparatively small anyway).


    Any constructive advice would be much appreciated.
Page 1
    • Linton
    • By Linton 11th Oct 16, 1:24 PM
    • 6,940 Posts
    • 6,535 Thanks
    Linton
    • #2
    • 11th Oct 16, 1:24 PM
    • #2
    • 11th Oct 16, 1:24 PM
    There is no problem having multiple pension pots and no serious risk having only one. Both Standard Life and Aviva who own Friends Life are very large FTSE100 companies that operate across the world. So whether to merge is a matter of the relative costs and benefits of each scheme. The FL pension being 30 years old may have useful guarantees which you would lose if you transferred-out so you should check.
    • citycastaways
    • By citycastaways 11th Oct 16, 6:35 PM
    • 41 Posts
    • 1 Thanks
    citycastaways
    • #3
    • 11th Oct 16, 6:35 PM
    consoladating pensions
    • #3
    • 11th Oct 16, 6:35 PM
    Hi,
    I am in a similar situation, I have two frozen pensions last transfer valuations Aviva £12,500 and standard Life £17,500, I have a Scottish Widows company pension which has even less in it and am thinking of putting them all together Scottish Widows annual charges are lower than the other two and during a discussion with an advisor from SW whom came to do a presentation at out works he told me it would be fine? of course he works for the company? any other views out there would be appreciated.

    Thanks
    • dunstonh
    • By dunstonh 11th Oct 16, 7:12 PM
    • 85,103 Posts
    • 50,126 Thanks
    dunstonh
    • #4
    • 11th Oct 16, 7:12 PM
    • #4
    • 11th Oct 16, 7:12 PM
    I have two frozen pensions last transfer valuations Aviva £12,500 and standard Life £17,500
    They wont be frozen.
    I have a Scottish Widows company pension which has even less in it and am thinking of putting them all together Scottish Widows annual charges are lower than the other two and during a discussion with an advisor from SW whom came to do a presentation at out works he told me it would be fine?
    That is one option. He can only sell his own option. How to the SW charges compare with a standalone individual plan?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • citycastaways
    • By citycastaways 12th Oct 16, 9:46 AM
    • 41 Posts
    • 1 Thanks
    citycastaways
    • #5
    • 12th Oct 16, 9:46 AM
    Consoladating Pensions
    • #5
    • 12th Oct 16, 9:46 AM
    Hi, Thanks for your reply's

    Aviva pension charges .875% per year

    Standard Life 1%

    Scottish Widows are .2%

    I can see there would be a saving on the charges, just not sure if they perform better than the others, I think it also gives more flexibility than the Aviva one I have.

    Thanks
    • dunstonh
    • By dunstonh 12th Oct 16, 10:58 AM
    • 85,103 Posts
    • 50,126 Thanks
    dunstonh
    • #6
    • 12th Oct 16, 10:58 AM
    • #6
    • 12th Oct 16, 10:58 AM
    just not sure if they perform better than the others,
    Scottish Widows managed funds are usually awful. If there is a range of index trackers available then they can be used.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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