Combine Pensions

shelfsidespur

Hi there,

Apologies if this has been asked before but I couldn't find any help on it.

Basically, I have worked for 4 different companies throughout my adult life, and therefore have 4 different pension policies.

Company A - 4yrs
Company B - 3yrs
Company C - 3yrs
Company D - 2yrs

So is there a way that I can combine all 4 together, so that they are all in one place?

Undoubtedly the companies will change names/owners/brand and the policies will be all over the place.

Thanks.

atush

Quite possibly. Are you in a scheme right now? Does it take transfers in? Charges? Ask them.

Any of the 4 FS schemes or are they all MP? It is generally best to leave FS pensions alone where they are until retirement.

Then call each of the other providers and ask for a transfer valuation and go from there.

dunstonh

So is there a way that I can combine all 4 together, so that they are all in one place?

yes there is. However, it may or may not be a good thing depending on the scheme and terms.

shelfsidespur

Thanks!

Two of the companies have since been taken over/rebranded.

I have used the pension tracking scheme to get statements and will contact an IFA to see what's best.

Cheers for your help!

casey_junior

atush wrote: »

It is generally best to leave FS pensions alone where they are until retirement.

Oh how I wish my Financial Adviser had told me that in 1987, but then again he had a lifestyle to live up to. :rotfl:

dunstonh

casey_junior wrote: »

Oh how I wish my Financial Adviser had told me that in 1987, but then again he had a lifestyle to live up to. :rotfl:

In 1987 actuaries and the Govt thought that transferring was the best option. Advisers typically went by their research. No-one did it with malice. They were just basing their figures on 1970s data where individual schemes would have been a better option.

gadgetmind

I have combined pensions in the past. You just need to check there is nothing special regards guarantees on older ones, and full understand the fee structure of them all, and then make your decision. Getting up-to-date projections is useful.

I did look at using an adviser (company IFA running group pension) when I combined mine, but I didn't find the £560 fee to move a £2800 pot particularly attractive. I ended up sending them a few forms and letters telling them to just do it, and yes, I would confirm yet again that they hadn't advised me.

In my case, the old pension company projected the £2800 pot would have negative real growth over 12 years (due to high fees) which made the decision to move it very easy.