Help! I have 4 pensions and I dont know what to do?!

amuircroft

Hi

I am sorry if this has already been discussed elsewhere but I need some help!

I am 24, work full time and have a FSP with my local government job, pay money into a Scottish Widows private pension and have 2 other money purchase pension funds that arent worth much (a few grand each)

Now the money I pay into Scottish Widows, and the money in my money purchase schemes, is it worth moving those funds over to my new final salary and purchasing more pension with them and increasing my monthly salary payments?!

Hope that make ssens, because I am confused likenobodies business

MikeJones_2

Hi amuircroft,

First question to ponder before we can give some meaningful guidance:

Before you consider transfers-in what, do you believe, is your job security with your current employer ('my new employer') in light of the current economic situation?

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

dunstonh

Now the money I pay into Scottish Widows, and the money in my money purchase schemes, is it worth moving those funds over to my new final salary and purchasing more pension with them and increasing my monthly salary payments?!

Maybe, maybe not. It depends on your aims and objectives and what the scheme will give you for the value of the pensions. You may want to keep them apart from the occ scheme if you intend to retire at a different age to the main scheme age. Especially if the main scheme is known not to allow early retirement or there is a penalty for early retirement. However, putting them in the main scheme may be the best option (or not) if you go to the scheme retirement age (whatever that ends up being when you get there).

I know you probably wanted a straight answer but there is no simple yes or no to give you. Depends is as good as it gets.

amuircroft

Thanks so much for your advice!

MikeJones - I think I have very good security because the role I do is in the housing remit so as long as there are council houses I should have a job. I hope I havent jinxed myself! hahah

dunstonh - No your advice is great, I never even thought about the retirement age - I think my employer stipulates a set number of years service or I be normal reitrement age, whichever comes first and if I do retire early I have to pay a forfeit of some kind and my private pension is based on me retiring at 55 I think so I will get thos ebenefits then.

Again thanks guys!