pension small pots

lugo35

hi i have read the sticky in this but still need advice
i have to small pension pots both frozen one private the other a company they total about 10k i am unable to aford to pay into a pension at mo. at the mo i am thinking these to will dwindle to nothing . what can i do

Linton

Why should they dwindle? If they are Final Salary they will increase with inflation. If they arent, but are sensibly invested, they would be expected to increase in value over time.

As to what you can do - what do you want to do?

atush

What you can do is, get details of both pensions. What they are invested in, and what the charges are.

Then, you can decide (with the help of MSE or not) to leave them where they are to grow or to transfer them to another personal pension (this is for non FS pensions).

If one or more of these pensions is a Final Salary or Defined Benefit one, you leave it to grow with inflation until it is time to take it.

So why no pension now? Have you asked your employer when they will begin their company pension (new rules mean they have to soon). you certainly should be saving for your retirement in some way, as a 10K pension isn't going to pay you much.

lugo35

will have to sit down and have a look at the details of the schemes. would like to just cash them and fill some isa's but know that wont happen

thanks for your advice

dunstonh

would like to just cash them and fill some isa's

If one is frozen then this indicates it is an old final salary scheme (as frozen can only apply to that type of pension). Chances are the benefits of the scheme are significantly better than an ISA.