Consolidating pension pots

edpvito

I consolidated 7 (2 + 5) years of standard company pensions into one when I worked for my previous company and recently returned to the UK from Sweden and I am now starting to pay into another standard company pension scheme. As these are not final salary it seems to make - at least logistical - sense to have my 3 company pensions in the same place.

I was thinking about speaking to a financial advisor as to the best place to consolidate the pots but i was hoping it could be worked out with a few basic questions. My basic question is can i move current pension into my existing scheme if it is one that performs better? How do i establish which is a better scheme if that is possible?

PeacefulWaters

There's no requirement to put them all in the same place.

Questions I'd be considering are:

1) is there a cost to transfer?
2) where are the charges lowest?
3) which has the most appropriate funds for me and who offers these?

Predicting which fund will perform best is a dark art most IFAs and laymen can't do. They might guess right.

Mrs PW recently merged two ancient pensions into the same place. There were no costs to do so and it will save her £1,000 in charges before retirement. That will buy her an extra few weeks of no work assuming like for like investment returns.

dunstonh

ow do i establish which is a better scheme if that is possible?

Same as any purchase you make. Research and analysis.

You review your current, the other existing and other new business options to see which offers you the best terms, features, investment options etc.