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Choice of pension provider
choccielover
Posts: 412 Forumite
So I am preparing to potentially change employer and am fairly certain they will allow me to pretty much do whatever I want with my pension.
I have 5 other pension pots.
One tiny final salary one, 2 with Scottish widows, (a small one that was closed with approx £4k in it then a GPP replaced it which has circa £50k in it 0.65% AMC) one with Aviva with my current employer who then closed that (£5k in it 0.4% AMC possibly a SIPP) to replace it with a BC&e people's pension.
So, should I ask my potential employer to pay into one of these pots or join their scheme? I think it's Aviva again.
What are the benefits of that over them paying my, and their contributions into somewhere else instead.
Or are their "better" pensions I could access through an IFA and set up.
Also, my contributions total 10%, my choice so am I better structuring this 3% employer, 7% mine to maximise tax relief?
I currently do 5/5% split with current employer but in hindsight I thought more weighted to my payment would benefit me more. Is this correct. Reason being my employer offered me a total sum package and I could make that up as I wanted (I.e base pay plus pension plus other bens = the amount offered rather than a typical "x" base pay + x% matched pens + bens)
Does this make sense.
secondly, should I look to consolidate these pensions? Clearly the AMC differs on each and seems highest on my biggest pot. They are all in "lifestyle" type funds currently. I have recently organised online access to them all (excl the DB one) and looked at some of the different funds available but have no clue where to start if I'm honest.
At 35 I'm young enough (I think...) to be able to be a little riskier than the lifestyle strategy.
Any thoughts or a point in the right direction much appreciated.
Chocs
I have 5 other pension pots.
One tiny final salary one, 2 with Scottish widows, (a small one that was closed with approx £4k in it then a GPP replaced it which has circa £50k in it 0.65% AMC) one with Aviva with my current employer who then closed that (£5k in it 0.4% AMC possibly a SIPP) to replace it with a BC&e people's pension.
So, should I ask my potential employer to pay into one of these pots or join their scheme? I think it's Aviva again.
What are the benefits of that over them paying my, and their contributions into somewhere else instead.
Or are their "better" pensions I could access through an IFA and set up.
Also, my contributions total 10%, my choice so am I better structuring this 3% employer, 7% mine to maximise tax relief?
I currently do 5/5% split with current employer but in hindsight I thought more weighted to my payment would benefit me more. Is this correct. Reason being my employer offered me a total sum package and I could make that up as I wanted (I.e base pay plus pension plus other bens = the amount offered rather than a typical "x" base pay + x% matched pens + bens)
Does this make sense.
secondly, should I look to consolidate these pensions? Clearly the AMC differs on each and seems highest on my biggest pot. They are all in "lifestyle" type funds currently. I have recently organised online access to them all (excl the DB one) and looked at some of the different funds available but have no clue where to start if I'm honest.
At 35 I'm young enough (I think...) to be able to be a little riskier than the lifestyle strategy.
Any thoughts or a point in the right direction much appreciated.
Chocs
0
Comments
-
Leave the DB alone and consider consolidating the others into your new employer's Aviva scheme?
http://www.aviva.co.uk/savings-and-retirement/approaching-retirement/transfer-your-pension-plans/
Leave the DB alone and consider consolidating the others into a SIPP
as suggested in this Monevator guide?
Consider consulting an IFA?
https://www.unbiased.co.uk/0
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