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Consolidate or manage pensions?
kalamu
Posts: 3 Newbie
I am 39 I i have several small pension pots from several different jobs floating about - some I will probably need to dig around to find.
I'm totally new to looking at Pensions and savings, it has always just been something I got with whatever job I had. I am now self-employed and have no current pension.
Do I consolidate my old pensions and continue to pay into one pot, or do I just manage the many little bits I have and start a new one?
Whatever choice is best, how do I go about it and how do I find ones that I may have lost contact with due to moving home and failing to change my address?
Thanks in advance from a complete newbie x
I'm totally new to looking at Pensions and savings, it has always just been something I got with whatever job I had. I am now self-employed and have no current pension.
Do I consolidate my old pensions and continue to pay into one pot, or do I just manage the many little bits I have and start a new one?
Whatever choice is best, how do I go about it and how do I find ones that I may have lost contact with due to moving home and failing to change my address?
Thanks in advance from a complete newbie x
0
Comments
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https://www.gov.uk/find-pension-contact-detailsI am now self-employed and have no current pension.
Sole Trader? Or employed by your own limited company?
Have you checked your state pension position?
https://www.gov.uk/check-state-pension0 -
Do I consolidate my old pensions and continue to pay into one pot, or do I just manage the many little bits I have and start a new one?
Insufficient info to go on.
Your options are to keep as is, consolidate with best one (if possible) or use a modern plan and possibly consolidate with that.
To know what is best, you would need to analyse what you have and the alternatives available.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
A first initial course of action would be to try and contact your past employers . If they are still operating they should be able to help you . If they are bust or have been through a lot of changes ( takeovers, mergers etc ) you will have to go through the link already suggested.
It would make sense to consolidate a lot of small pensions into just one or two . Simpler admin and bigger pots can mean lower charges.
However as Dunston says it is not a simple choice and once you find all the details of the existing pensions then you will have to do some research.0
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