Consolidate Pension Pots?

Twiddy

Hi all, apologies if this has been covered before, but because I have had a few jobs, I've got several workplace pension pots that at the moment are frozen and being invested as they were "back then". Is it advantageous to consolidate them and/or transfer them to my current workplace pension?

Are there costs involved in doing this?

Just thinking all my pensions would be easier to manage if I knew they were all in one place, and up-to-date.

Appreciate your help.

Cheers
T

:beer:

webnibbler

Having just been through the process I think there are advantages to having everything with one provider.

However the important thing is to make sure you don't lose any benefits or guarantees and don't incure penalities by moving your pension plans. Each provider is different, so contact each one for details and get a valuation of each plan.

This is just personal experience and I'm sure others on this board will be able to give more info.

Twiddy

Thanks webnibbler, will see what each of them has to say!

jamesd

If they are defined benefit (final salary and similar) types then forget it. It's unlikely to be worthwhile.

For any that are defined contribution it is worth considering transferring to the lowest cost option that allows you the investments that you want to hold. That could involve leaving some of the money where it is if you happen to be getting a good deal.