Should I combine small pensions?

cheghead

I am 54 and currently have a stakeholder pension with L&G. Standard rate tax payer and I contribute £25/mth. I also have a paid up personal (section 226) pension with Phoenix which I haven't paid into since 1992. That is currently at £13k. Obviously not gonna give much of retirement income and it does not have any GAR but I believe it does have life assurance attached. I am not allowed to contribute to it so will probably take the money out and re-invest at a later age!

Should I consider transfering the Phoenix in to the stakeholder or should I just continue as is?

Any advice appreciated :beer:

kidmugsy

I may be wrong, but didn't (some?) S226 policies allow a tax-free lump sum bigger than 25%? Worth checking your T&Cs, I'd think.

cheghead

This one is 25%

kidmugsy

cheghead wrote: »

I believe it does have life assurance attached. ...
Should I consider transfering the Phoenix in to the stakeholder or should I just continue as is?

It sounds as if you need to balance the advantage of the insurance against any disadvantage: e.g. are the charges high, has performance disappointed?