Pension - Messup

Jonny<M

Hi.

I need some advice on my pension.
Heres the current situation.

When I first started working I joined a private scheme with GAN who changed to Windsor Life I was with them approx 6-7 years.

I then joined the NHS and cancelled GAN and joined them for 10 years.

I left the NHS and went to work for a private company and ended up with a Standard Life policy. I stayed with this for around 5-6 years.

I left that company and worked for another and since then haven't paid any pension contributions in the last 13 years.

Each time I've moved companies I've been advised to get a new pension. At the time I'd not really given it much thought.. now I have bits all over that keep sending me updates..

I'm now 45 and thinking what should I do and I've no idea who to ask.. hence I'm asking here.

Can anyone advise what my best move would be. I do have some spare cash I can invest into a pension if that will help me.

Thanks

mgdavid

Jonny<M wrote: »

.......I'm now 45 .........

hmmm 6 + 10 + 5 + 13 = 34.
Did you really start work at age 11?

Jonny<M

think I've got my dates wrong.

GAN must have been a couple of years.
NHS 9.5 years
5 standard life
13 with nothing..

I started work at 16.

You can see why I need help

Your_Hero

There isn't enough information to go by. It sounds like you should be speaking to a local IFA who can put these matters straight for you and help you plan ahead. You will need to pay them for any work and service you require.

Go on https://www.unbiased.co.uk and pop your in post code.

Linton

From the information provided....
You should look at joining your current employer's scheme immediately especially if it includes a good employers contribution. There is a good chance that it would be possible to transfer in your Windsor Life and Standard Life policies.

I suggest you assess your plans for retirement, when you want to retire, how much money you would need to live on and how far your current pension are from being able to meet the requirement.

As Your Hero says the easiest way is to talk to an IFA, the cost will probably be well justified.

xylophone

You have a deferred final salary pension with NHS - this can stay where it is.

http://www.nhsbsa.nhs.uk/Pensions/2672.aspx

An IFA would advise concerning a strategy for the other pension arrangements.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/301563/Pensions_fact_sheet_v8.pdf

Re state pension https://www.gov.uk/new-state-pension/overview

Jonny<M

Thanks for the replies.
I've been so busy with work recently I've not had a chance to do this.

But it is in my plan for the next week or so.. Just need to find someone I feel I can trust to help sort this.

Thanks again

jamesd

Don't touch the NHS pension. Its guaranteed income based on our pay when working is a high value part of your eventual retirement income.

For GAN and Standard Life, ask them if there is a guaranteed annuity rate. If there isn't then both are candidates for consolidating into one. To pick the one, first decide which investments you want to use, then move to the place that offers them at the best blend of cost and service.

xylophone

And does your current employer have a pension scheme?


If not, one should be on its way..

https://www.gov.uk/workplace-pensions

kangoora

Seriously, take the time to do this. The clock is ticking pretty loud at 45 with 13 years missing contributions. That's almost half you current working life you haven't been paying into a pension.

Depending on what age you think you want to retire and how much you may need for a comfortable retirement you may have a nasty shock on what you need to pay into pensions to 'catch up'

mlv-1967

Jonny<M wrote: »

Hi.

I need some advice on my pension.
Heres the current situation.

When I first started working I joined a private scheme with GAN who changed to Windsor Life I was with them approx 6-7 years.

I then joined the NHS and cancelled GAN and joined them for 10 years.

I left the NHS and went to work for a private company and ended up with a Standard Life policy. I stayed with this for around 5-6 years.

I left that company and worked for another and since then haven't paid any pension contributions in the last 13 years.

Each time I've moved companies I've been advised to get a new pension. At the time I'd not really given it much thought.. now I have bits all over that keep sending me updates..

I'm now 45 and thinking what should I do and I've no idea who to ask.. hence I'm asking here.

Can anyone advise what my best move would be. I do have some spare cash I can invest into a pension if that will help me.

Thanks

It's a shame you didn't buy added years when you were in the NHS. Anyway, leave the NHS scheme alone and consolidate the others into a single fund if you can.
Your position isn't that bad, given the ten years with the NHS scheme, which is very generous. I would suggest you join your current employer's scheme and make AVCs to grow a good sized fund, which you should be able to do over the next 20 odd years.