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    • ChrisJBSC
    • By ChrisJBSC 14th Oct 16, 10:26 AM
    • 6Posts
    • 1Thanks
    ChrisJBSC
    Combine or not?
    • #1
    • 14th Oct 16, 10:26 AM
    Combine or not? 14th Oct 16 at 10:26 AM
    Over the years, I have worked for 4 different companies. So now (aged 60) I have 4 different pension pots, that vary in size between 50k and 150k, and are with 4 different providers. I am hoping to retire in a years time. Is it better (is it possible??) to combine the pots together? To do that combining now or at retirement (when I will need to make some form of draw-down arrangement)? Or keep them separate...
Page 1
    • dunstonh
    • By dunstonh 14th Oct 16, 10:37 AM
    • 85,144 Posts
    • 50,155 Thanks
    dunstonh
    • #2
    • 14th Oct 16, 10:37 AM
    • #2
    • 14th Oct 16, 10:37 AM
    Is it better (is it possible??) to combine the pots together?
    It is possible with most pensions. If it is best to then it is worth doing. If it is not best to then you shoudlnt.

    You would need to analyse each one and make that decision.
    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.
    • TadleyBaggie
    • By TadleyBaggie 14th Oct 16, 10:48 AM
    • 1,992 Posts
    • 1,404 Thanks
    TadleyBaggie
    • #3
    • 14th Oct 16, 10:48 AM
    • #3
    • 14th Oct 16, 10:48 AM
    I was in a similar situation (4 private pensions, an AVC and an existing drawdown) last year. I already had an existing IFA, so I got him to do all the legwork and come up with a plan. It cost me £2K or so, but the resultant investment has grown by 15x that much in the last 12 months, so money well spent as far as I'm concerned.
    • ChrisJBSC
    • By ChrisJBSC 17th Oct 16, 8:46 PM
    • 6 Posts
    • 1 Thanks
    ChrisJBSC
    • #4
    • 17th Oct 16, 8:46 PM
    • #4
    • 17th Oct 16, 8:46 PM
    Well that's a result :-)
    On enquiring, one of the pots for around £100,000 (and therefore a pension annuity of about £3500) turns out to be a defined benefit: of £17,000 per annum!!
    Only 3 pots to worry about now, and less of a worry about the need for an annuity - so drawdown is the answer...
    • bigadaj
    • By bigadaj 17th Oct 16, 9:15 PM
    • 7,855 Posts
    • 4,795 Thanks
    bigadaj
    • #5
    • 17th Oct 16, 9:15 PM
    • #5
    • 17th Oct 16, 9:15 PM
    Well that's a result :-)
    On enquiring, one of the pots for around £100,000 (and therefore a pension annuity of about £3500) turns out to be a defined benefit: of £17,000 per annum!!
    Only 3 pots to worry about now, and less of a worry about the need for an annuity - so drawdown is the answer...
    Originally posted by ChrisJBSC
    Good grief, hope you're checking the others carefully as well.
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