Can I consolidate my pensions???

scottiebigman

hi guys, first time poster here!
i have a couple of questions if i may...
i have started a few pensions with previous employers over the years. obviously i dont pay into those anymore but my question is would i be able to move all of the accrued money into the one i am paying into now?

will i have to wait until retirement for all the pensions to start paying out?

i have at least 2 others where i have paid into over the years that i dont pay into now

any help will be appreciated as i really dont have too much knowledge on the subject

thanks in advance :-)

Your_Hero

scottiebigman wrote: »

hi guys, first time poster here!
i have a couple of questions if i may...
i have started a few pensions with previous employers over the years. obviously i dont pay into those anymore but my question is would i be able to move all of the accrued money into the one i am paying into now?

Depends what type of pension schemes they are, and what the advantages/disadvantages are of doing it, i.e. it may not be in your best interest.

will i have to wait until retirement for all the pensions to start paying out?

Again it depends on the type of pension scheme. Some allow access after 55, while some have a specific retirement age of say 60/65.

scottiebigman

thanks for getting back to me.
to be honest i dont know what types they are (i will fish out the paperwork when i get home) my main concern was that previous pensions i have paid into would be lost into the ether somewhere!

xylophone

Make a list of all the pensions.

Note what type of pension each one is ( Defined benefit/Final Salary/Defined Contribution.

Are any guarantees attached?

If all at sea you could consult an IFA https://www.unbiased.co.uk/

scottiebigman

i will do that tonight and find out....thanks
:-)