Consolidating pensions?

mountaindreams

I am not currently paying into a pension but I have got 2 old company pensions that I am not sure what I should do with.

One is a Group Personal Pension plan currently worth around £18,800 and it has a "With Profits Guarantee"

The other is a Buy Out Plan currently worth around £30,000

I am 42 and at home with kids at the moment but will probably be back working and paying into a pension again within a year or so.

I know I need to get my head around all this and probably seek proper advice but was wondering if anyone has any words of wisdom?

THanks.

mania112

consolidating pensions mean moving just the cash to another scheme, any other included benefits in teh scheme will be lost.

Your with profits pension probably isn't performing too well, but has an included guarantee.

Buy Out plans a former DB schemes and quite often have a guaranteed benefit.

Because of this you would need an adviser to investigate what these are before you consider consolidation.