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Consolidation

Hi
I have a number of old company pensions, basically when I have worked for a company and left or been made redundant I have left the scheme.
Total amount is about £20'000, however I am unsure what to do with them for the best, some have only around £200 in them.

Comments

  • Linton
    Linton Posts: 17,934 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    There is no need to consolidate them. Whether there is any benefit would depend on the details of each scheme. Are you in a company scheme now? It is often easiest and cheapest to get things merged into your current employer's scheme as your company's pension administrator should be happy to help out.
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Two types, defined benefit like final salary and defined contribution where there are investments you can select. The defined benefit ones should be left where they are.

    The defined contribution ones should probably be combined or, if you're 60 or older, up to two can be taken as lump sums if their value is £2,000 or less. To combine, pick one that offers the best deal and move into that if it will let you, or open a new one and transfer into that. for work schemes there can sometimes be charges to transfer in. If that applies to your current work scheme it might be best to use one of the many DIY pensions instead of your current work scheme, if any. If your current work scheme offers a better deal than DIY options you'd then have only one transfer in fee to pay, from he whole consolidated collection in the DIY pension.
  • Linton/Jamesd
    Thanks for your responses, I have my own Ltd company now, I am 51 so hopefully at least another 20 years working. I will go and find out exactly what I have got and try and progress
    Thanks
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