3 pensions - to merge them?

stphnstevey

From working for various companies I have accumalated 3 pensions with the same pension company.

1) Stakeholder
Maximum Annual Management charge 1.5%
Actually Annual Management charge 1%
Discounted Initial Charge 0.352% - 0.648% actual charge
0.1% discount if £25K, 0.1% discount if £50K etc
Only Pension Company Funds

2) Group Personal Pension
AM varies by fund, generally above 1%
Discounted Initial Charge 0.0500%
External funds to pension company as well

3) Group Flexible Retirement Plan
AM varies by fund, generally above 1%
Discounted Initial Charge 0.300%
External funds to pension company as well


I understand the difference betweeen Stakeholder and the other two pensions, but I am not quite sure the difference in the type of pension between pensions 2 and 3?

I was looking to simplify things and the options seem to be

a) Merge everthing into the Stakeholder - however:
- smaller choice of funds and only pension company funds
- less Annual Management Charge
- greater discounted Initial Charge

b) Merge everything into the (3) Group Flexible Retirement Plan
- wider choice of funds and possibly greater performance
- higher Annual Management Charge
- slightly less discounted Initial Charge

Additionally, I would like to make both additional employee and employer contributions from my Ltd company to what ever pension I keep. I know I can do this into my Stakeholder, but not sure about the Group Flexible Retirement Plan

Any help would be appreciated?

EdInvestor

Which pension company is it?

stphnstevey

EdInvestor wrote: »

Which pension company is it?

Standard Life

stphnstevey

No other help?

EdInvestor

Assuming you want to keep the option of the external funds, the Personal Pension One is probably the equivalent of the twp GPPs.But you might lose some discounts, doesn't seem much point in going to the trouble to merge them.

Why not just look at them as one pool of money when you are doing the investing, allocating the lower risk/lower cost investments (eg bonds, possibly property, trackers ) element to the stakeholder and using the other two for the quality external funds?

You would achieve the same result. It may be when you're older it will be quite useful to have them split up, as you can take the pensions at different times, more flexible.

stphnstevey

Your quite a genius really!

Spent ages lulling this over and couldn't come to a decision. Your advice makes perfect sense. Thanks