Transferring a pension - help!

GreenbackBoogie_2

Can anyone offer any advice please? I'm in a company pension scheme and have realised that I've got an old pension from a previous employer with the same provider. I rang up to try to merge the two but they won't let me without using a financial provider.

I've also got another pension (from another job!) with a different provider. I'm concerned that I'm paying fees on all these different pensions - none of which add up to anything of value and would like to simply have one.

I guess I do need a financial provider but where to start? I've read the links on this site regarding IFAs but am still confused as I don't want to change my current provider.

Any advice gratefully received, thanks.

Linton

GreenbackBoogie wrote: »

Can anyone offer any advice please? I'm in a company pension scheme and have realised that I've got an old pension from a previous employer with the same provider. I rang up to try to merge the two but they won't let me without using a financial provider.

I've also got another pension (from another job!) with a different provider. I'm concerned that I'm paying fees on all these different pensions - none of which add up to anything of value and would like to simply have one.

I guess I do need a financial provider but where to start? I've read the links on this site regarding IFAs but am still confused as I don't want to change my current provider.

Any advice gratefully received, thanks.

Fees are charged as a % so it doesnt make much difference whether you merge or not from that point of view. However company schemes may be quite cheap compared with what you could get as a private investor as the employer can arrange special deals with the pension company or may subsidise the pension scheme. So you would need to check the details of each one before deciding whether or what to merge.

Who did you ring? Was it the pension company or your employer's pensions department. If you havent talked to the latter, I suggest you do so to discuss moving your old company pension into your current one.

You may find that to merge you need to get sign-off from an IFA, though this should only be necessary if you are trying to leave a Final Salary scheme or a scheme with guaranteed benefits which may well not be in your best interests to leave. I would guess your old schemes dont fall into these classes, though you should check.

xylophone

Can you provide more details as to the type of pensions you have with your old/new employers?

Are any of them Final Salary or Defined Benefit or carrying Guaranteed Annuity Rates or any form of protection as to when you can take benefits?

GreenbackBoogie_2

Thanks both, wasn't expecting replies so quickly!

xylophone - Two are 'Group Personal Pension Plans' and one is simply a 'Personal Pension Plan' - I've got an old civil service one too, but as that was non-contributory I've been told to just leave that. I don't think any of the ones I paid into were final salary or with any special rates/benefits.

Linton - I rang the pension company, I think I will try the company pension department though as they may be able to offer some advice too.

xylophone

I've got an old civil service one too, but as that was non-contributory I've been told to just leave that.

Absolutely! http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/revaluation

And you'd certainly need an IFA to sign off on any such transfer - you'd find it very difficult to find one who would.
https://www.moneyadviceservice.org.uk/en/categories/transferring-between-pension-schemes

http://www.money.co.uk/article/1005407-the-secret-to-finding-an-ifa-you-can-trust-with-your-money.htm

Finding Independent Financial Adviser if it proves necessary http://www.unbiased.co.uk/pensions