Multiple pensions

wacky75

I have four different pensions from four different companies that I've worked for over the years.
In order to establish if it's worth combining the pensions somehow into one pension (for ease of managing them and of course for maximising my pension pot), would the right person to speak to be a financial advisor, please ?
It seems like the obvious answer, but I just wanted to check in case there would be someone more specific who could help me out with this !

xylophone

Are the pensions DB/DC?

If DC, are there any safeguarded benefits/Guaranteed Annuity Rates?

What are the amounts involved?

Are you currently contributing to a pension?

dunstonh

In order to establish if it's worth combining the pensions somehow into one pension (for ease of managing them and of course for maximising my pension pot), would the right person to speak to be a financial advisor, please ?

An IFA rather than an FA.

If any of the plans contain safeguarded benefits or is a final salary/defined benefit scheme then it would require a specialist IFA (pension transfer specialist).

ex-pat_scot

wacky75 wrote: »

I have four different pensions from four different companies that I've worked for over the years.
In order to establish if it's worth combining the pensions somehow into one pension (for ease of managing them and of course for maximising my pension pot), would the right person to speak to be a financial advisor, please ?
It seems like the obvious answer, but I just wanted to check in case there would be someone more specific who could help me out with this !

Generally, if they are DC (money purchase) pots, and come with no additional benefits (guaranteed rates, spouse benefits etc), then in principle it is a good idea to combine your pots for the reasons you noted.


You can ask an (I)FA to do this for you, but it is an administrative task and easy to do yourself.
IF there are any DB or additional benefits to any of the policies, then at that point you will need a careful consideration of the risks in moving from existing product, and it's by no means certain that combining would be the better approach.
Until you ask, you won't know.


I combined lots of previous DC pots a couple of years ago into one SIPP, for similar reasons to yourself.
I did it myself, without advice.


One pot came back with queries around additional guarantee- this was identified by the SIPP as part of the transfer questionnaire - but the amount involved was trivial and I accepted the risk (I'd only had that pension for 5 months, so the total amount was v small).


BUT DO YOUR OWN RESEARCH. Your circumstances, knowledge and attitude to risk are definitely different to mine.