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Combining Pensions
NI_BOBS
Posts: 78 Forumite
I currently have several pensions - one with Scottish Widows, another Standard Life and another with Enhance. In total they add up to around £30k.
My current pension with my employer is through Nest - would the wisest idea be to combine all these into one pension pot with nest. Any advantage or disadvantage to doing this - other than to make life easier that all in one pot.
Hands up - I really dont understand very much about this subject
Many thanks -
** btw I am 46
My current pension with my employer is through Nest - would the wisest idea be to combine all these into one pension pot with nest. Any advantage or disadvantage to doing this - other than to make life easier that all in one pot.
Hands up - I really dont understand very much about this subject
Many thanks -
** btw I am 46
0
Comments
-
Nest doesn't always get good reviews on here.No.79 save £12k in 2020. Total end May £11610
Annual target £240000 -
Simplicity has much to commend it, but sometimes it isn't everything. Check the charges on each of your pension funds. How have they been performing in terms of investment returns? Are you making active choices about where you invest, or just going with the default options?
I don't think many people would recommend using NEST as a consolidation vehicle. It has an unproven track record in terms of administration and the upfront charge for new contributions is a strong deterrent - ditto the lack of choice of investment options.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Thanks both for replies. Maybe best left alone then as relatively small pots.
Workplace with Nest so really no option there .0
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