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small pots, three accounts... any suggestions?
manub
Posts: 139 Forumite
I'm quite young and, since the nature of my profession (IT) I changed jobs quite frequently. About to start new job next Monday, and I want to make a bit of order in my small pots of pension I've got so far.
Here's my situation
- SIPP with Hargreaves Lansdown - it was the one that I had with the company I was working for before the one I'm quitting now. Has got around £2k
- Company pension with Aviva - the one from the company I'm leaving. Has got around £1.5k
- Pension with Scottish Widows - this is my next company pension provider.
I'm not planning to put any money for the first 3-4 months into my next company pension provider, as I need some extra cash to pay off a 2k credit card balance.
However, I don't like the idea of having too many different pension pots. I read I should get financial advice, but since at this point the money amount is small (I'm 30, and started working here in the UK a couple of years ago), I was simply thinking of:
- Transferring Aviva into HL, I quite like HL website and so far their investments have been good.
- Keep HL as my private pension and SW as the work one.
In general, do you think it's better to keep one or maximum 2 private pensions?
Here's my situation
- SIPP with Hargreaves Lansdown - it was the one that I had with the company I was working for before the one I'm quitting now. Has got around £2k
- Company pension with Aviva - the one from the company I'm leaving. Has got around £1.5k
- Pension with Scottish Widows - this is my next company pension provider.
I'm not planning to put any money for the first 3-4 months into my next company pension provider, as I need some extra cash to pay off a 2k credit card balance.
However, I don't like the idea of having too many different pension pots. I read I should get financial advice, but since at this point the money amount is small (I'm 30, and started working here in the UK a couple of years ago), I was simply thinking of:
- Transferring Aviva into HL, I quite like HL website and so far their investments have been good.
- Keep HL as my private pension and SW as the work one.
In general, do you think it's better to keep one or maximum 2 private pensions?
0
Comments
-
In general, do you think it's better to keep one or maximum 2 private pensions?
down to personal choice. It makes no difference from a legislation or regulatory point of view.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 -
Some funds have transfer penalties. I've got a small one worth 8K now, but under 6K if I transfer it before I'm 65, so I'll just let it roll over & see what it brings me then (assuming I make it).
The other thing is that if they are just funds to buy annuities when you retire, you are not limited to taking what the fund providers quote you. You can shop around & merge all the funds into one pot to buy that annuity at the best rate.
Start here http://www.moneysavingexpert.com/savings/annuity-guide0 -
Jack_Griffin wrote: »
Start here /savings/annuity-guide
Thanks for that but the guide is only free if I am prepared to leave my name etc. and then get pestered by god knows who.
If anyone has a copy to email to my
email account girl_0ATlive.co.uk (just replace the ATwith @ )
it would be helpful.0
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