Is it good idea to have one single pension scheme or multiple pension scheme?

Theresonly1

I change jobs very frequently. It is part of the nature of the industry i am in. I change jobs nearly every 1 year and a half.

Every time i join new company i always get enrolled automatically in the company's pension scheme.

What's the preferred strategy?

Should i just let it roll and have multiple pension scheme as i go along.

Or shall i start collating all my pension schemes into one pot?

any advice much appreciated.

Thanks in advance

Linton

Talking about DC pensions only...

The easiest could be to rollup in your new employer's pension if possible as employers are motivated to help current employees. You probably wont be able to roll up into an old employers pension. Whether you should depends on the costs and the range of investments available and possible guarantees for older pensions. There is no great imperative to roll up but all other things being equal no reason why you shouldnt if you want to reduce the management hassle.

Theresonly1

i want to reduce the management hassle for sure.

but it is even more management hassle to have to transfer pensions each time when i join new company

adindas

Theresonly1 wrote: »

i want to reduce the management hassle for sure.

but it is even more management hassle to have to transfer pensions each time when i join new company

I might be wrong but I have heard that your new pension provider might not allow to transfer your old pension provider from old company. So better to check it first ...

LHW99

You could open a stand-alone personal pension, and transfer each DC pension to that when you leave a job.

kidmugsy

There's an element of diversification by having more than one pension. On the other hand as you get old you may find it a pest to have more than two or three.

Dark_Sunday

I have 5 different pension pots due to changing jobs over the years. 3 are purely coincidentally with the same company & im thinking of transferring 1 to a different company. It's performance is average at best. I keep reading stuff about transferring all your pensions to 1 company for ease of managing, etc. but I'm not so sure. What if something goes wrong & you have a lot of money tied up in the 1 company ?

BHS springs to mind. Is it feasible for a major pension / insurance company to get into trouble ? The banking crisis wasn't that long ago & who's to say another major financial crisis couldn't happen ? The world & events can change very quickly these days.

Is speading the risk in terms of type of investment & with different companies being naive ?

RuleTheWorld

along the same lines of spreading risk is better..

how easy is it to make a partial transfer of a DC scheme to a SIPP?

Theresonly1

RuleTheWorld wrote: »

along the same lines of spreading risk is better..

how easy is it to make a partial transfer of a DC scheme to a SIPP?

Don't know what you mean by DC or SIPP

RuleTheWorld

defined contribution - most 'everyday' workplace pension schemes

SIPP - self invested pension

Joey_Soap

If I were the OP - I would immediately open a SIPP with a fund supermarket. I would transfer all my past pensions to that SIPP. I would select a basket of funds or trackers depending on my attitude to investment and my age. Each time I left a job I would then transfer it into my SIPP. I would NOT worry about the SIPP provider going bust because pension assets are held separately from the SIPP providers assets. If the provider goes bust, your savings are still there and will be taken over by another SIPP provider. HTH.