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Pooling Pensions

Hi, not sure if you can do this - but i have many different pensions with various companies etc that i have worked for and it is now getting mind boggling with what is where, how much in each etc. questions are - can you cashin pensions to use them for something else like starting a business for example? and two - is it possible to 'pool' all monies tied up in pensions in to one managable fund? Would be ever so grateful for any advice :confused:

Comments

  • purch
    purch Posts: 9,865 Forumite
    Question 1: NO

    Question 2: YES......but as you appear to have a lot of company pensions you should get some good informed professional advice on the matter
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • dunstonh
    dunstonh Posts: 118,601 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Into one managed fund is a bad idea. Single fund investing is old fashioned and will lead to lower returns over the long run. Combining pensions is not a problem although you need to check (or get an IFA to check) that the benefits on the old plans can be bettered on new plans. A lot of the time they can but a significant minority (approx 1 in 5) will be worth leaving where they are. With occupational schemes, that ratio will be higher, particulary if there are final salary schemes involved.
    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.
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