Seem to be collecting pensions....

Starbrite

I currently have 4 pensions!


State Pension - balance who knows! (I do have a forecast)

The peoples pension via old employer - total £174.37

Smart pension via old employer - total £199.69

Scottish widows my personal pension - nice side of 10k but under 20k


My question is, do I keep the peoples pension and the Smart pension as separate pots or transfer them over into my Scottish widows pot or even choose the better provider out of the two and have that?

dunstonh

My question is, do I keep the peoples pension and the Smart pension as separate pots or transfer them over into my Scottish widows pot or even choose the better provider out of the two and have that?

If its better to then yes. If its not then no.

Most SW PPPs are largely out of date. So, unless you have one on special terms, it may not be a great option and one of the other two may be better or a brand new option for all three.

State Pension - balance who knows! (I do have a forecast)

It is not a funded pension and has no balance.

Starbrite

dunstonh wrote: »

If its better to then yes. If its not then no.

Most SW PPPs are largely out of date. So, unless you have one on special terms, it may not be a great option and one of the other two may be better or a brand new option for all three.

Ooo interesting, so it might be worth looking into swapping the SW pension?




[/QUOTE]It is not a funded pension and has no balance.[/QUOTE]


Was a throw away remark... who knows anything about the state pension, they keep changing the goal posts on it, might not even be there at all when I hit 68 my currently age to receive it!:rotfl:

lisyloo

who knows anything about the state pension, they keep changing the goal posts on it, might not even be there at all when I hit 68 my currently age to receive it!

You are correct that we can not know how things will change.
However it's politically infeasible to remove the state pension altogether.
It's much more likely to be reduced/mean tested and ages increased, but gradually and affecting people close to retirement age less.


You have very little at the moment. I don't know your age but it'll be difficult for you to disregard it completely.
For a comfortable retirement I am looking at £600K minimum.
That might sound like a lot but bear in mind it might have to last 40 years (depending on when you retire of course).

Starbrite

lisyloo wrote: »

You are correct that we can not know how things will change.
However it's politically infeasible to remove the state pension altogether.
It's much more likely to be reduced/mean tested and ages increased, but gradually and affecting people close to retirement age less.


You have very little at the moment. I don't know your age but it'll be difficult for you to disregard it completely.
For a comfortable retirement I am looking at £600K minimum.
That might sound like a lot but bear in mind it might have to last 40 years (depending on when you retire of course).

I am fully aware I have very little, alas I started late, I have 100% more than a lot of my friends/family and have been in/out of work last 5 years so paying in has been hard/impossible.

lisyloo

I wasn't judging your contributions for which there could be multiple valid exaplantions, merely that you should re-consider making throw-away remarks about the state pension.


Agree with you about moving goalposts.
Really hacks me off when I'm trying to plan.

kidmugsy

There has been a State Pension since before the First World War. The idea that it will be done away with is ludicrous, unless you expect some disaster of such proportions that the whole welfare state will have to be swept away.

I can believe that they might means test it (the original one was means-tested, I think) though if - say - they restricted the means-testing to people who pay higher rate income tax in retirement it would probably save precious little money. I can imagine that they might abolish the Triple Lock and simply link the pension to the earnings index. But even then the age balance in the population suggests that it might be politically unwise.

AndyAdams

kidmugsy wrote: »

...I can believe that they might means test it...

I'm am a little concerned about that statement. If they do means test it, it would severely impact me. Currently I am 53 and hoping to retire soon. I think the most likely option is to keep moving the state pension retirement age out. A lot cheaper to administrate and fairer as everybody who has made NIC contributions will get something in return (as long as they live long enough)

kidmugsy

AndyAdams wrote: »

If they do means test it, it would severly impact me.

If it has to reduce somebody's income I'd prefer it be somebody who can write "severely impact" without a dismissive snort.