Pension query

haggisneepsandtatties

I have just started a job and have been offered a company pension. I already have 3 other pensions from previous jobs and I am not sure what to do. Can I lump all 3 pensions into one so I only have one pension? Can I do this with the new company pension I have been offered? Or would I be better keeping the three pension I already have and splitting money into the three of them? Any advice would be greatly recieved!
Thank you!

jem16

haggisneepsandtatties wrote: »

Can I lump all 3 pensions into one so I only have one pension?

What type of pensions are they? Defined benefit, ie final salary, or defined contribution where you have a pot of money and investment funds.

Can I do this with the new company pension I have been offered?

Does your company pension accept transfers? What type of pension is it? Is your employer contributing?

Or would I be better keeping the three pension I already have and splitting money into the three of them?

This all depends on the type of pensions you have and what the terms anc conditions, charges etc of all are concerned.

haggisneepsandtatties

ok
the pension I have been offered allows transfers from other pension plans. there is a table where it states that member contributions are 2% and contributions from my employer 8%. Its a money purchase agreement. does that make sense?!!

jem16

haggisneepsandtatties wrote: »

ok
the pension I have been offered allows transfers from other pension plans. there is a table where it states that member contributions are 2% and contributions from my employer 8%. Its a money purchase agreement. does that make sense?!!

Yes it does.

What about the other 3 that you are considering transferring?

haggisneepsandtatties

I do not know if the other ones accept transfers, they are defined benefit contribution funds where I have a pot of money. they all allow the money to be transferred to another pension plan. and there are charges to transfer.

jem16

haggisneepsandtatties wrote: »

I do not know if the other ones accept transfers,

I wasn't asking if they accepted transfers. I was asking what kind of pensions they are to see if it's sensible to transfer them to your new pension.

they are defined benefit contribution funds where I have a pot of money.

That's a mixmatch of terms. They are either defined benefit - final salary, or defined contribution - money purchase.

they all allow the money to be transferred to another pension plan. and there are charges to transfer.

All pensions allow a transfer out. However final salary pensions are almost always best left where they are.

If yours are all money purchase then yes they can be transferred fairly easily. However it will all boil down to charges on each, any penalties to transfer out (many don't) and charges on the new pension you would want to transfer to.

If you can't work all that out yourself you might need the help of an IFA. What is the value of each pension?

haggisneepsandtatties

ok - I think I will contact my IFA - I know him and he's a nice bloke! I do not have a clue what I am talking about, as you have probably noticed! Thanks for your help though!