How much should I have

clear_as_mud

I don't understand pensions very well.

I have 2. One from my first real job, it was a works pension that's just sitting there, appearing to be going up slowly each year which is good.
The other is my current work pension which I am actively contributing and so is my employer.

Add them together and I have about £20k. I am 25 years old. Is this about right for my age? Am I on the right track or do I need to be adding more each month?

I only earn about 25k but I can't find any info suggesting how much I should have saved in my pension by now. Is there a general rule, to have so much saved by a certain age?

Sorry if these are silly questions, I just don't really know much about this stuff.

Thanks in advance.

Good_bad_and_ugly

You're doing fine, it seems to me. Tax relief is great, but dob't firget liquidity via your ISA too. Are there any benefits to putting them together? Better for admin, you can have one cohesive strategy, you might save costs and get critical mass. On the other hand, you suffer from lack of diversity, FSCS and institutional risk.

clear_as_mud

Good_bad_and_ugly wrote: »

You're doing fine, it seems to me. Tax relief is great, but dob't firget liquidity via your ISA too. Are there any benefits to putting them together? Better for admin, you can have one cohesive strategy, you might save costs and get critical mass. On the other hand, you suffer from lack of diversity, FSCS and institutional risk.

I tried to add my old one to my new work one and was sent a load of forms, but I was told I needed an IFA to do it all and I didn't understand some of the info on the forms anyway. I phoned my pensions provider for help but they just said I needed an IFA

Good_bad_and_ugly

Is the first one unfunded DB and the second DC?

clear_as_mud

Good_bad_and_ugly wrote: »

Is the first one unfunded DB and the second DC?

Sorry I don't know what you mean

Thrugelmir

clear_as_mud wrote: »

I only earn about 25k but I can't find any info suggesting how much I should have saved in my pension by now. Is there a general rule, to have so much saved by a certain age?

Focus on your personal long term goal. That will be sufficient to fund the lifestyle you want in retirement. Or allow you the luxury of choosing when to stop working. Rather than concern yourself with how you are doing now. Peoples circumstances differ. Age is no measure to use to make comparisons.

Good_bad_and_ugly

clear_as_mud wrote: »

Sorry I don't know what you mean

Im wondering why the pension admin person would have told you to get advice. If your first pension and second pension are just normal defined contribution pensions, you don't need to take advice.

Lokolo

clear_as_mud wrote: »

Sorry I don't know what you mean

Who did you work for in the first company?

xylophone

You mention that you have a pension with a former employer.

Is this a deferred defined benefits pension?

https://www.moneyadviceservice.org.uk/en/articles/defined-benefit-schemes

clear_as_mud

I think they are both just normal defined contribution pensions.

Good_bad_and_ugly

Tell the pension admin person to send you the regulation number they're relying on which they believe compels you to take advice. If it's just a normal group personal pension, as long as you can put the kettle on and brush your teeth, you have capacity to move it.