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multiple pensions
ned51
Posts: 9 Forumite
After recently getting made redundant i am looking closlely at all of my finances and would like some advice on what to do with my pensions?
I now have three in total from former employers, i am better off just letting them run ? should i get them reviewed or put them all in together?
Any Advice much appreciated.
I now have three in total from former employers, i am better off just letting them run ? should i get them reviewed or put them all in together?
Any Advice much appreciated.
0
Comments
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Might be worth talking to an IFA to make sure that you're making the most of everything. If nothing else they'll be able to tell you what you have in detail.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Ned51,
What type of pensions are they ?0 -
One of them is a private pension that i took out when i was 18 the other two were pensions form previous employers which once i left their employ understand they are now clssified as private pensions as well, i do have another pension that i belive was a final salary but i only contributed to this for 6 months!0
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For defined contribution schemes (i.e. ones that have a pot of cash invested into funds) it's worth keeping on top of them to ensure that they're performing ok. You may find that it's worth getting all of them under one umbrella and investing through a single provider, or you may decide that leaving them all where they are is better for you. However, you do need to see what you're invested in and it's important to choose a risk level appropriate to your timescale when it comes to pensions. Reviewing your current contributions towards retirement is never a bad idea either.One of them is a private pension that i took out when i was 18 the other two were pensions form previous employers which once i left their employ understand they are now clssified as private pensions as well, i do have another pension that i belive was a final salary but i only contributed to this for 6 months!
If the amounts are reasonably significant, I stand by my initial suggestion that consulting an IFA (or two) might be good for you.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Ned,
You need to sit down and find out what you have got. If any are Public Service Pensions I suspect you would be best leaving them till retirement.
Post again when you have all the info. I'm feeling that you are a bit shell-shocked following the redundancy.
Get back into work as quick as possible, even if it means any job you can get your hands on.
Best of fortune.0 -
Thanks for your replys guys think ill go down the IFA route first.0
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