Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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
    • 88,112 Posts
    • 53,343 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
    • 9,143 Posts
    • 5,842 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
    • 27,385 Posts
    • 148,278 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

    Goal: earnings of £25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.Save
    • Linton
    • By Linton 20th Jun 17, 11:53 AM
    • 7,896 Posts
    • 7,704 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.
    • pantaiema
    • By pantaiema 21st Jun 17, 9:58 PM
    • 49 Posts
    • 18 Thanks
    pantaiema
    • #7
    • 21st Jun 17, 9:58 PM
    • #7
    • 21st Jun 17, 9:58 PM
    Similar case. I also have two pensions, one is from my previous job a multinational companies and the second one is from my current pension from current job. The pension of all employees from my previous job is put in Scottish Widow, but it is managed by a private company (forgot the name),

    I have left my previous job about nine years. I have no more contact with my previous company nor from company managing the company pension fund from the company I used to work and from Scottish Widow. It is probably because I have changed the address and I have not made contact with them regarding changing address.
    I want to find out the value of my previous pension and how much l will get when I get retired.
    Who do I need to contact? Is it Scottish widow, or the company who managed the company pension?
    Thanks
    • greenglide
    • By greenglide 21st Jun 17, 11:11 PM
    • 2,676 Posts
    • 1,688 Thanks
    greenglide
    • #8
    • 21st Jun 17, 11:11 PM
    • #8
    • 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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,620Posts Today

6,734Users online

Martin's Twitter