Multiple Pension advice

GaryTheYoung

Hello,

I have a pension with NEST which my employer setup and I have been paying into this for about 2 years. I recently managed to find all the information on a previous pension with standard life. I was paying into and have found out that I have about 11k in that account

my questions are:

1> Is it worth moving the 11k into the current nest account ?
2> Make additional payments into the NEST account?
3> Make additional payments into the Standard life account?
4> split the additional payments across both pensions?

Thanks in advance.

enthusiasticsaver

Have you looked into the terms and conditions of both pensions and performance? I don’t know much about NEST but my inclination would be to transfer your old pension into NESt and make additionals. It depends though on whether it is a good pension and whether you have to wait until a certain age to take it and how flexible and expensive it is.

GaryTheYoung

I have since found out that NEST charge me for additional contributions and also a charge on the fund. I think its 1.8% on contributions and 3% yearly on the fund. I am still checking on the Standard life one.

My employer only puts in 1% so i am wondering if its best to grow the larger standard life fund instead if the charges are less.

AnotherJoe

I suspect you'll have a lot more choice and flexibilty with the SL pension, those charges also seem high and I think SL would be lower, so on the face of it keeping both and putting additional contributions into the SL would seem to be the best plan.

enthusiasticsaver

3% seems high so if the SL one is cheaper and more flexible then it might be best to leave it and put additionals in there

greenglide

NEST standard charge is normally 1.8% contribution fee and an ongoing charge of 0.3%.

This makes it competitive if the money is left for the long term.

See here https://www.nestpensions.org.uk/schemeweb/nest/aboutnest/nest-charges.html

xylophone

https://www.nestpensions.org.uk/schemeweb/NestWeb/public/memberhelpcentre/contents/how-can-i-transfer-money-in-or-out-of-nest.html

I think its 1.8% on contributions and 3% yearly on the fund

0.3%?

My employer only puts in 1%

https://www.gov.uk/workplace-pensions/what-you-your-employer-and-the-government-pay

See above - contributions should be increasing.