Pension Advice

jcumpsty

I am trying to get my financial house in order.

I have just sorted life insurance, and the next step is my pension.

Having sorted my documents we have several pensions.
My wife has one with Scottish Equitable worth about £500.
I have three with Friends Provident worth about £8000, £4500, and £200; and one with Phoenix worth about £5500.

In total we have about £18,700 in various pensions. The amount is the current transfer value of the pensions.

I am looking to contribute about £300 each into our pensions. I run my own Ltd company, of which we are both employees, so the pension payments will be made directly by the company. I am 34, and my wife is 40.

Is this enough information? What should I do?

exil

Are those amounts (1) the transfer value of your funds or (2) the amount of pension per year you expect at retirement? Big difference! if (2) you are well on the way to a decent retirement income already - if (1) you are still on Square 1.

chickencow

exil wrote: »

Are those amounts (1) the transfer value of your funds or (2) the amount of pension per year you expect at retirement? Big difference! if (2) you are well on the way to a decent retirement income already - if (1) you are still on Square 1.

jcumpsty wrote:

In total we have about £18,700 in various pensions. The amount is the current transfer value of the pensions.

Hard to say without knowing what type of pension contracts they are. Consolidating them could result in a lower annual management charge due to a Large Fund Charge Reduction, so it may be worthwhile investigating this option.

£18700 at age 34 isn't too bad, and investing £300pm will go a long way towards getting a decent pension at retirement.