2 pensions not sure what to do?

working1

I have 2 pensions, not sure whether to transfer to one, pay into both or what, details as follows (haven't paid into either for 5 years but wondering if should be starting to again as worried about state pension (self employed).

Pension 1
Canada Life (CANLIFE MULTIPLE INVPS4)
Value: £19,793
Transfer Value: £19,793
Total payments received to date: £12,725
# Units (protected rights): 433.67
Unit Price: 45.61400
Estimated pension: £1350 @ 5%, £2420 @ 7%


Pension 2
Prudential (EX IN PER MANAGED A)
Value: £17,578
Transfer Value: £15,183
# Units: 8900.277
Unit Price: 1.975
Estimated pension: £918 p/a at age 55 (2025)

Help much appreciated, not got spare cash each month as trying to pay off debts but would divert some if deemed necessary? Debts all interest free except mortgage which is interest only.

Thanks!

EdInvestor

What funds is this money invested in, what other choices do you have, and what fees are you being charged?

You need to find out this info before deciding on whether you should restart one or both of them, or go for something entirely new and move them all into it.

dunstonh

but wondering if should be starting to again as worried about state pension (self employed).

As you should be. Self employed get lower state pensions than employed. A full working life of being self employed would give you £4700 a year state pension. Not very much at all.

not got spare cash each month as trying to pay off debts but would divert some if deemed necessary? Debts all interest free except mortgage which is interest only.

Always good to clear high interest debts and first, then short term debts. Mortgage isnt an issue although being on interest only is.

I would suggest that if you are on an interest only mortgage and not able to afford retirement provision and have other short term debts, it would perhaps indicate that you have over extended yourself and you may want to visit the debt free wannabee section for help. The first thing is to realise you have a debt problem and the limited comments you have made indicate that is a possibility.

working1

Thanks for replies, rest assured I have been working to reduce my debts for 2 years via this site and am in a much better position now than I was, the position I find myself in is due to my ex-husband doing his damdest to run me into the ground not just during our marraige but since too, his actions have cost me dear to say the least (long long story but think no child maintenance, other criminal actions costing me thousands in court/solicitors fees which he should have paid for but refused and CCJ's haven't persuaded him otherwise, several prison sentences served for his actions towards me etc. etc. and you'll get an idea).

Planning to convert the mortgage to repayment as soon as I'm on my feet, have an endowment in place which you have both commented on recently so I really am working towards getting sorted, really I am!

I will find out Ed about the answers to your questions and post back, thanks again to both of you.