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Pension Transfer
ukpeter
Posts: 1 Newbie
HELP!
I find pensions a minefield!
I have three pensions;
One which I started paying into when I was an apprentice, but ceased paying into to it when I left the company I was working for. The JIB ran it and you could only pay into it if you was working for a JIB resisted company. I don not have a large amount of money in this pension, but yearly admin fees are swallowing it up!
The second one I set up I only paid into it for a few years; again this only has a small amount of money in it.
I now have a third one that I am making regular contributions too, my question is;
Would I benefit transferring my two old dormant pensions into my current pension?
Any help would be appreciated.
I find pensions a minefield!
I have three pensions;
One which I started paying into when I was an apprentice, but ceased paying into to it when I left the company I was working for. The JIB ran it and you could only pay into it if you was working for a JIB resisted company. I don not have a large amount of money in this pension, but yearly admin fees are swallowing it up!
The second one I set up I only paid into it for a few years; again this only has a small amount of money in it.
I now have a third one that I am making regular contributions too, my question is;
Would I benefit transferring my two old dormant pensions into my current pension?
Any help would be appreciated.
0
Comments
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HELP!
I find pensions a minefield!
I have three pensions;
One which I started paying into when I was an apprentice, but ceased paying into to it when I left the company I was working for. The JIB ran it and you could only pay into it if you was working for a JIB resisted company. I don not have a large amount of money in this pension, but yearly admin fees are swallowing it up!
The second one I set up I only paid into it for a few years; again this only has a small amount of money in it.
I now have a third one that I am making regular contributions too, my question is;
Would I benefit transferring my two old dormant pensions into my current pension?
Any help would be appreciated.
Are there any penalties for transferring?
How do the charges stack up against the new pension plan?0 -
I don not have a large amount of money in this pension, but yearly admin fees are swallowing it up!
Not impossible for old plans with explicit fees which are the same whether you have £1000 or £100,000 in the pension but they are not that common. Most fees are percentage based and cannot swallow the value up.Would I benefit transferring my two old dormant pensions into my current pension?
Possibly. You would need to conduct a transfer analysis for charges, investments, features and guarantees and work out which is best.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
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