Consolidating Pensions

LondonGirl252

Hi all,


I have worked at a few companies over the years and invested in their various pension schemes, as I have moved on the balance invested by myself I believe has remained in the scheme until I retire.


1) Is it beneficial to move all of these into one place (other than it will be much easier for me to track and manage)


and


2) How on earth do I go about this?


Thanks for your advice
LG

dunstonh

as I have moved on the balance invested by myself I believe has remained in the scheme until I retire.

That should not be the case.

1) Is it beneficial to move all of these into one place (other than it will be much easier for me to track and manage)

In some cases yes. In some cases no. There is no one-size-fits-all answer here.

2) How on earth do I go about this?

DIY or use an IFA. If you DIY you will need to analyse the pensions you have and compare them to your current pension and those avaialble on the retail market and decide which is best.

Linton

Assuming all pensions are simple Defined Contribution with no complications such as guarantees....

The pension you are merging into organises everything. Just ask. However they are under no obligation to allow a transfer-in. In particular ex-employer company schemes are unlikely to make the effort, whereas your current employer's scheme may well be prepared to accept other pensions.

Alternatively you can set up a personal pension and get the old pensions transferred there.

As to whether it's beneficial, it all depends on the details of charges, investment range etc of the individual pensions. There is no fundamental reason why you should merge other than to reduce paperwork.

xylophone

Are any of the pensions defined benefit schemes? Do any of them have guaranteed annuity rates?

If they are simply Defined Contribution Schemes you could look at charges and investment choice and if you feel you could do better, you might look at consolidating them into a personal pension.

You could also check on whether a transfer in to your current scheme (if permitted), would be of benefit to you.

You could talk to an IFA https://www.unbiased.co.uk/

Will you become eligible for state pension in the new scheme?

https://www.gov.uk/new-state-pension/overview

kidmugsy

FWIW my money purchase pensions were small, so I've moved the lot onto one platform, and done the same for my wife. The motive is principally convenience. If we had had bigger sums, I might have preferred to diversify across two platforms on the principle of "you never know!".

LondonGirl252

Sorry for the slow reply but thanks for all your responses that is really useful, I have some time set aside this week to look into it all properly.


Thanks