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Merging pensions
JennyW_2
Posts: 1,888 Forumite
I have an old pension which I no longer contribute to (worth about £12K). It's just sitting about doing nothing. I currently have a pension which I do contribute to and have enquired about transfering my "static" pension into my current one but I will lose about £600 for admin/transfer fees. Is merging them still the best thing to do?
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Comments
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Answer: yes, no, maybe
The old pension could have better funds, lower charges and retained guarantees. Or, it could have worse funds, higher charges and no guarantees.
Without knowing any of the details, I'm afraid we cannot answer how you want.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It's just sitting about doing nothing.
Perhaps you could explain what kind of pension this is and what company it's with (if appropriate)? Is it invested in funds where there are a variety to choose from, in which case why don't you move the money into better ones, if it's "doing nothing"?Trying to keep it simple...
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