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  • FIRST POST
    • leelums21
    • By leelums21 19th Jun 17, 9:21 AM
    • 2Posts
    • 0Thanks
    leelums21
    I have 3 pensions 2 with friends life 1 with aviva
    • #1
    • 19th Jun 17, 9:21 AM
    I have 3 pensions 2 with friends life 1 with aviva 19th Jun 17 at 9:21 AM
    I have 3 pensions 2 with friends life 1 with aviva as they are both merging is it worth me merging them into 1 or should I leave
    as is as I will probably face charges on 2 when they pay out. help v much appreciated.
Page 1
    • dunstonh
    • By dunstonh 19th Jun 17, 10:10 AM
    • 88,748 Posts
    • 54,078 Thanks
    dunstonh
    • #2
    • 19th Jun 17, 10:10 AM
    • #2
    • 19th Jun 17, 10:10 AM
    I have 3 pensions 2 with friends life 1 with aviva as they are both merging is it worth me merging them into 1 or should I leave
    as is as I will probably face charges on 2 when they pay out. help v much appreciated.
    Originally posted by leelums21
    Is it better to consolidate them or not?

    You haven't given as anything to go on. So, we cannot say as we know nothing about them.

    Your assumption it costs more to have more pensions is not correct. For example. if you have 1 pension costing 1% or 10 pensions each costing 0.5% then the 10 pensions are cheaper than the one.

    Without an analysis of the existing plans vs the alternatives available to you, there is no way anyone on the internet can answer your question.
    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.
    • leelums21
    • By leelums21 19th Jun 17, 12:33 PM
    • 2 Posts
    • 0 Thanks
    leelums21
    • #3
    • 19th Jun 17, 12:33 PM
    • #3
    • 19th Jun 17, 12:33 PM
    thanks for answering what kind of info do you need the life one is £17000 an the aviva bout £2000
    what other info do you need thanks again.
    • bigadaj
    • By bigadaj 19th Jun 17, 5:18 PM
    • 9,573 Posts
    • 6,094 Thanks
    bigadaj
    • #4
    • 19th Jun 17, 5:18 PM
    • #4
    • 19th Jun 17, 5:18 PM
    thanks for answering what kind of info do you need the life one is £17000 an the aviva bout £2000
    what other info do you need thanks again.
    Originally posted by leelums21
    Dunstonh is a regulated adviser so has to be careful in his responses, I'm not so have a little more leeway.

    My opinion is that you need to contact them and ask them what charges are being incurred, and whether there are any guarantees in existence. Also are these with profits or unit linked, if no guarantees then transferring to a totally new pension may be best, charges have reduced over the years. The other thing is investment choice, which again has improved on newer policies.
    • Karmacat
    • By Karmacat 20th Jun 17, 11:26 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    • #5
    • 20th Jun 17, 11:26 AM
    • #5
    • 20th Jun 17, 11:26 AM
    I'm sort of in the same boat - one pension with Friends Life, one with Aviva. Put them together, and they tip me over the £30k threshold.

    I've been trying to work out, this morning, whether the £30k threshold actually applies to me, and the quotes on the government website that I've found (which I've summarised on my diary on mfw for safekeeping, so to speak).

    They have a mini questionnaire about what sort of pension you have, and when I answered, they said "From what you’ve told us you have a defined contribution pension. These are sometimes known as ‘money purchase’ pensions. The amount you get depends on how much was paid in and how well the investments have done. You choose how to take money from your pension pot."

    Yep - both the pensions concerned are private, as I've been self employed for 30 years or so.

    Another page on the PensionWise website says: "
    you have to have IFA advice if you have a defined contribution pension worth more than £30k with a guarantee about what you'll be paid when you retire".

    That's where it gets interesting, because I *don't* have that guarantee.

    So my question is: am I right in my research, that although I have a defined contribution pension, because I don't have a guarantee about what I'll be paid when I retire, I'm not one of those who are forced into consulting an IFA?
    Retired August 2016
    • Linton
    • By Linton 20th Jun 17, 11:53 AM
    • 8,063 Posts
    • 7,893 Thanks
    Linton
    • #6
    • 20th Jun 17, 11:53 AM
    • #6
    • 20th Jun 17, 11:53 AM
    There is no requirement to consult an IFA if you want to transfer a DC pension with no guarantees.
    • greenglide
    • By greenglide 21st Jun 17, 11:11 PM
    • 2,775 Posts
    • 1,767 Thanks
    greenglide
    • #7
    • 21st Jun 17, 11:11 PM
    • #7
    • 21st Jun 17, 11:11 PM
    You could look up the name of the scheme (or the name of the employer) at the government site https://www.gov.uk/find-pension-contact-details .

    Failing this ask the ex employer for details of who the scheme is with.
    • Mnd
    • By Mnd 25th Jun 17, 8:53 PM
    • 68 Posts
    • 49 Thanks
    Mnd
    • #8
    • 25th Jun 17, 8:53 PM
    • #8
    • 25th Jun 17, 8:53 PM
    We have just received a letter telling us that friends life is being taken over by aviva, so it may become easier to do what you want in the future
    • dunstonh
    • By dunstonh 25th Jun 17, 11:02 PM
    • 88,748 Posts
    • 54,078 Thanks
    dunstonh
    • #9
    • 25th Jun 17, 11:02 PM
    • #9
    • 25th Jun 17, 11:02 PM
    We have just received a letter telling us that friends life is being taken over by aviva, so it may become easier to do what you want in the future
    Originally posted by Mnd
    Aviva bought FL a couple of years ago. They have been slowly integrating bits of it and will be rebranding FL to Aviva. However, it won't make much of a difference for a long time as legacy policies will retain their policy conditions. It is just several more legacy systems for Aviva to handle on top of the other legacy systems they have built up over the years.
    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.
    • Karmacat
    • By Karmacat 26th Jun 17, 10:13 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    Aviva bought FL a couple of years ago. They have been slowly integrating bits of it and will be rebranding FL to Aviva. However, it won't make much of a difference for a long time as legacy policies will retain their policy conditions. It is just several more legacy systems for Aviva to handle on top of the other legacy systems they have built up over the years.
    Originally posted by dunstonh
    Thanks dunstonh. The thing is, while I trust both companies in terms of what they do with my money, I don't really trust *any* big company enough to ignore the 6 page letter and two booklets. It's going to make a difference at some stage, and I think I'll get in before the rush to make some changes. Good to know this, though.
    Retired August 2016
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