multiple plans what best to do.

sussexlad2009

My fianc!e no longer works but has a number of pension plans from past years of almost unbroken work.

We were wondering what was the best thing to do with them?
Can they be merged into one, cashed in what are the options please?
Her last company's one says we have to act now or can never change it, can't be right can it?

Details:

Standard life (group pension plan larger employer)
£3801.52

ReAssure (COPPS)
£13211.57

Aegon (group personal pension plan)
£2229.25

Towers Watson pension, (money purchases scheme)
£932.98


Standard life plc share holding - 200 shares.

srcandas

You need to research each pension in detail. Read all the small print. Pester them on the phone with questions.

Are there penalties for transfer?
Are there guarantees (e.g. My Aegon has a minimum unit price for one third of the pot)?
Are there other benefits?

Note: Even if these exist you need to study the performance. I had one that despite benefits was losing so much money it was better transferred.

Only then can you decide.

Bear in mind that they seem small but I had a £760 fund in 1987 that now pays £260 (increasing) per year from age 60. Fills the wine rack :beer:
ps. I'm no expert but have spent a year going through the process. The most important thing I learned was don't make any hasty decisions.

Margey

Hi,

i am interested in pensions in general and what srcandas has said is sound advice. Before you do anything it is better to check what is possible from the details in the FINE print.

But the bonus of bringing all your pots into one place could mean you will see a drop in the charges you may be currently paying and it would mean you can track your pensions better.

but yeah have a good look at each of your pots and the details of the accounts.

If you are over 55 years old then pension release is an option but this only lets you get your hands on 25% of your pot.

From my research on this i have found that it is a Government rule to not allow anyone under the age of 55 to get their hands on their pension. However the exception to this is if you are not able to work which could allow you to get your pension earlier

hope it helps

Margey