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  • FIRST POST
    • methzzz
    • By methzzz 11th Oct 17, 8:09 PM
    • 5Posts
    • 1Thanks
    methzzz
    Changed job, should I transfer my Pension?
    • #1
    • 11th Oct 17, 8:09 PM
    Changed job, should I transfer my Pension? 11th Oct 17 at 8:09 PM
    Hi, I am looking for some pension advice please after recently changing my job.

    I working for a company for ~ 4 years and have saved a modest amount in a workplace pension with Legal and General. The company would contribute a percentage if I paid 5% of my salary, it is ~£20k at the moment. After leaving this company I was sent a letter outlining my options but I am unsure whether just to leave it as a separate pot or transfer it to my new pension.

    My new organisation has a similar pension scheme and it is also with Legal and General. So I can see both my pension pots when I log in to their website. I understand I need to weigh up the costs of doing this but I'm finding it difficult to do this. Does anyone have experience with this situation and can advise?

    Thanks
Page 1
    • Thrugelmir
    • By Thrugelmir 11th Oct 17, 10:41 PM
    • 55,530 Posts
    • 48,880 Thanks
    Thrugelmir
    • #2
    • 11th Oct 17, 10:41 PM
    • #2
    • 11th Oct 17, 10:41 PM
    Far easier to manage fewer pots. Unless they are of significant value I'd consolidate together.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • Alexland
    • By Alexland 11th Oct 17, 11:48 PM
    • 443 Posts
    • 261 Thanks
    Alexland
    • #3
    • 11th Oct 17, 11:48 PM
    • #3
    • 11th Oct 17, 11:48 PM
    Ask for information on fees incase the old pension is cheaper than the new one. As if there were any special benefits on the old scheme (earlier retirement date, larger tax free lump sum, etc) which you would be losing but it is unlikely if it was that recent.

    Having done those checks then I would transfer to tidy up as the value is not significant. Check you are happy with the investment choices being made in the new scheme.
    • bigadaj
    • By bigadaj 12th Oct 17, 4:22 AM
    • 10,309 Posts
    • 6,607 Thanks
    bigadaj
    • #4
    • 12th Oct 17, 4:22 AM
    • #4
    • 12th Oct 17, 4:22 AM
    Ask for information on fees incase the old pension is cheaper than the new one. As if there were any special benefits on the old scheme (earlier retirement date, larger tax free lump sum, etc) which you would be losing but it is unlikely if it was that recent.

    Having done those checks then I would transfer to tidy up as the value is not significant. Check you are happy with the investment choices being made in the new scheme.
    Originally posted by Alexland
    Unlikely to be cheaper but may have guarantees or benefits.
    • methzzz
    • By methzzz 16th Oct 17, 12:21 PM
    • 5 Posts
    • 1 Thanks
    methzzz
    • #5
    • 16th Oct 17, 12:21 PM
    • #5
    • 16th Oct 17, 12:21 PM
    Many thanks for your responses
    • MallyGirl
    • By MallyGirl 16th Oct 17, 1:51 PM
    • 1,961 Posts
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    MallyGirl
    • #6
    • 16th Oct 17, 1:51 PM
    • #6
    • 16th Oct 17, 1:51 PM
    one of my husband's old pensions had reverted to much higher fees because he wasn't paying in. For that one it was worth setting up a £20 pcm payment in to make it 'active' again.
    • AnotherJoe
    • By AnotherJoe 16th Oct 17, 4:55 PM
    • 7,385 Posts
    • 7,914 Thanks
    AnotherJoe
    • #7
    • 16th Oct 17, 4:55 PM
    • #7
    • 16th Oct 17, 4:55 PM
    One approach that would seem to work is to open up a SIPP and transfer the old one in. That way you just have two pensions, youe SIPP that contains all your previous pensions,and the current employers scheme.

    This assumes that none of the old schemes had guarantees attached, which for most recent schemes and any going forward is likely to be the case.
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