Have we got too many pensions

sammybee

Hi my partner has about 3 pensions (1 is an AVC), 2 has nothing going into them , one is when he contracted out of SERPS. Should he put them all together in his works pension or would he lose out on admin fees etc...

I also have two pensions also (one contracted out of SERPS) nothing is going into them as i am not able to contribute because i am not working.
Any advice ??? i would apreciate it

THANXS :beer:

xylophone

Far more detail would be required about your partner's pensions (old and existing) before anyone could comment.

With regard to your situation, it is not true that you cannot contribute to a pension.
http://www.hmrc.gov.uk/incometax/relief-pension.htm
"What happens if you don't pay tax?
If you don't pay tax you can still pay into a personal pension scheme and benefit from basic rate tax relief (20 per cent) on the first £2,880 a year you put in. In practice this means that if you pay £2,880 the government will top up your contribution to make it £3,600. There is no tax relief for contributions above this amount."

It might be worth consulting an IFA but you will pay for the advice.
http://www.unbiased.co.uk/

quotememiserable

Have you got too many pensions? I'm not sure if that's possible, its a bit like asking if you have too much money.

mania112

Depends how much each of them cost.

Whichever is the cheapest one will cost you less in 'admin' fees.

bilbo51

mania112 wrote: »

Depends how much each of them cost.

Whichever is the cheapest one will cost you less in 'admin' fees.

And some might have guarantees. Far too little information to go on here...

sammybee

thanxs for replying to my post im sorry it took so long in getting back on here, i couldnt find it ...lol

i cannot afford to contribute into any of my pensions, they are just dormant, thtas why i wasnt sure just to get rid of the into one

my partners pensions and avc are very low in funds with nothing going into them, but he contributes a little to his works pension each month

benalder284

You need to look at policy documents and/or write to the pension companies to understand what charges you are incurring on each of your pensions.

If charges are broadly similar and percentage based then it probably wouldn't make any difference in costs whether you consolidated them or not. As well as costs you also need to consider what funds are available to invest in within each pension wrapper and whether there are any guarantees.

sammybee

thanxs for the advice , i will get onto it x

sammybee

im in a dilema over my pensions, neither one is worth anything as i can no longer contribute to them

my prudential plan info, last yrs tranfer value march 2012 = £7,806.00
charges incur 1% no transfer fees

My norwich union plan contractes out of SERPs 1992
dec 2012 current transfer value is £7,406.00
yet in
2008 it was £9,854.00
2007 was £8,768.00
2005 £6,791.00
charges incur 0.875% transfer fee not discussed until funds transferred

Do i keep them both seperate??
any advice will be appreciated
thanxs

kidmugsy

sammybee wrote: »

dec 2012 current transfer value is £7,406.00
yet in
2008 it was £9,854.00
2007 was £8,768.00
2005 £6,791.00

There was a big stock market decline in 2009: you may have noticed the fuss. What have you got your pension invested in?

xylophone

neither one is worth anything as i can no longer contribute to them

This is clearly not the case?