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Can/should I combine my 6 pension pots?
Big_dave
Posts: 8 Forumite
Hi, Over the years I have paid into 6 different pensions with 4 different companies, none of which I am currently paying into. I have around 12/13 years until I reach retirement age and was wondering if it would be more beneficial to combine these pensions (if I can) or just leave them as they are?
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Comments
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Hi, Over the years I have paid into 6 different pensions with 4 different companies, none of which I am currently paying into. I have around 12/13 years until I reach retirement age and was wondering if it would be more beneficial to combine these pensions (if I can) or just leave them as they are?
What are the 6 pensions - Defined Benefit or Defined Contribution or a mix?0 -
They are all Defined Contribution pensions.0
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Well you look at how they have preformed ie the underlying investments and decide if you want to keep these, then look at the charges for investing thru the pension. See if any of your pensions are a better deal re charges/investments, and if they are move some of the others to them.
If there are any valuable guarantees attached (such as GAR and GMP. Generally if there are you leave these pensions where they are.
And with 12/13 years to go, you should be paying into a pension. So, join your employers pension if they have one or open a PP. If you do open a new one and it has better charges/invesments than some/all of your old ones, transfer them to the new one?0 -
Thanks for the info atush.0
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To look at this from a totally different point of view... Do you want to retire early? What about staging the pensions, especially if you do not have enough savings to do it. Take one pension with the 25% lump sum when money is first needed. Then the second when more is needed etc etc. So much of these questions have the answers ruled by a person's circumstances.0
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Very true.
Although even if the money is in one pot, you could do Phased DD and still get a tranche tax free and taxed each year needed.0 -
I hadn't thought of that patanne. It could be an option.0
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