Consolidating work pensions

TheLearner2008

Hi all,

I have 3 different pensions:

1. Standard Life, which I contributed to for 2.5 years through an old employer
2. Friends Life, which I opened myself and have about £12k in it however I stopped contributing when I started with #1
3. Aegon, which is my current work place pension which I contribute through work every month.

What should I do with all these? Should I just leave them or consolidate or what?

bigfreddiel

As a first step check the benefits of each pension.

If the deferred ones are better than your workplace pension do nothing.

If your workplace pension is better then investigate a transfer anf the transfer value.

Simple really

fj

TheLearner2008

bigfreddiel wrote: »

As a first step check the benefits of each pension.

fj

What should I look out for in terms of benefits. I am clueless when it comes to pensions.

xylophone

Do you have any guaranteed benefits with the old pensions?

Are the charges higher than on your workplace pension?

What are the investment options on the old pensions?

Will Aegon accept a transfer in?

If there are no guaranteed benefits, the options are little different from those on your current pension and the charges on your current plan are little different or lower, it might suit you to transfer for the sake of convenience?

bigadaj

TheLearner2008 wrote: »

What should I look out for in terms of benefits. I am clueless when it comes to pensions.

Sounds like these are all defined contribution, ie not final salary, and unlikely that they have guarantees, if you state when they were taken out that should largely confirm this.

The only real variations in defined contribution schemes are normally charges and investment options. So check how much they are charging you, doesn't sound like you want too many options so the range of investments shouldn't affect your decision.

Ballpark indication is that if the older pensions are charging you more than around 0.5% you can do better either with a personal pension through someone one like cavendish or a sipp through a platform like bestinvest.

bigfreddiel

TheLearner2008 wrote: »

What should I look out for in terms of benefits. I am clueless when it comes to pensions.

Contact the providers and ask them, then report back here if you cannot understand them

fj