Consolidating My Pension Pots

Springer74

I am a member of 4 pension schemes, as a result of having had various employers in the past. The scheme which I currently contribute to is administered by Fidelity. The 3 other schemes are administered by Barnett Waddingham, Legal & General and Capita.

They are all defined contribution schemes, no final salary ones.

In order to make life simpler, I am thinking of taking the funds from the 3 old schemes and putting them into the Fidelity pot. I just wondered if this is worth doing, how much it will cost, and if there are any potentially any pitfalls.

Any advice gratefully received!

dunstonh

I just wondered if this is worth doing

if it is better to do so then yes. If not then no.

how much it will cost,

you will need to tell us that as we have nothing to go on.

if there are any potentially any pitfalls.

any safeguarded benefits?
how does scheme pension compare to alternatives?
what are the costs?
what are you investing in how does that compare to alternative options, including what you have?

bigadaj

Springer74 wrote: »

I am a member of 4 pension schemes, as a result of having had various employers in the past. The scheme which I currently contribute to is administered by Fidelity. The 3 other schemes are administered by Barnett Waddingham, Legal & General and Capita.

They are all defined contribution schemes, no final salary ones.

In order to make life simpler, I am thinking of taking the funds from the 3 old schemes and putting them into the Fidelity pot. I just wondered if this is worth doing, how much it will cost, and if there are any potentially any pitfalls.

Any advice gratefully received!

They're not defined benefit, and assuming there are no guarantees which seems unlikely then the main considerations are costs/ charges and investment options.

It's likely there are no costs in transferring but you'll need to check the individual schemes to confirm this, similarly check all costs, with an aim of 0.5% fees maybe.