Pensions Guidance

Alex_Fyfe

Hi.


I have 3 pensions which are as follows:

• Final salary pension with British Gas (left BG in 1995)
• Personal pension with Standard Life
• Personal pension with Clerical Medical

I was looking to combine all 3 but cannot seem to get any advice from any of the above. I've spoken to a few financial advisors who've quoted me around £1000 to perform a pension review :eek:.
I cannot transfer into the BG pension but can transfer out. I know that various rules for pensions have changed over the last few years but am not sure if I should leave things as they are or if there is a better way forward then having 3 separate pensions.


Can anyone out there please advise me ?????


Regards


Alex.

Linton

You should be able to merge the two non DB pensions, possibly one into the other or both into a new one. Though you would have to check that there are no guarantees that would be lost and that the merged solution doesnt have higher charges.

Transferring out of the DB scheme is another matter. In theory it can be done but in the great majority of cases the transfer value would be worth less, often significantly less, than the cost of providing an equivalent pension elsewhere. Probably not worth considering unless you have a very good reason, eg life shortening ill health.

xylophone

Why would you wish to transfer out of your deferred defined benefits pension scheme?

https://www.moneyadviceservice.org.uk/en/articles/transferring-out-of-a-defined-benefit-pension-scheme

Do you have your scheme booklet/annual statement of deferred benefits?

https://forums.moneysavingexpert.com/discussion/809785

For example https://www.nationalgridpensions.com/393/713

Any receiving scheme would almost certainly insist that you had taken the advice of an IFA qualified in pensions transfers and this will certainly be the case after April 6.

With regard to the DC pensions, you would want to compare the costs/benefits of transferring them into one plan or even into your current pension scheme.

bilbo51

Alex_Fyfe wrote: »

I was looking to combine all 3

For what reason?