Should I transfer my pension?

Probi

Hi,

I currently have 2 pensions a Pensionbee (used to consolidate previous pensions) which is no longer having any additional funds added to it and an Aviva stakeholder pension, which is my current workplace pensions.

I'm debating if it is worth transferring the pensionbee one into the Aviva but have no idea of the pros or cons of doing this.

Does anybody think this is worth doing or is it a bad idea?

Also how much do people recommend I should be paying into my pension? My current pots are only around £10000 combined and I'm 31.

Thanks!

Brynsam

Look at the fund charges for your old and current pensions - and the fund choice/performance. If you are going to get much lower charges in your workplace pension, and it offers a range of fund choices you find adequate, there is something to be said for considering a transfer.

How much should you be saving? As much as you can as early as you can - but not so much that that you can't afford to live now! Without knowing how much you earn, it's impossible to know whether £10K is great progress or a bit on the low side. The earlier you save, the longer the funds have to built up - but you can't access them for at least 25 years, so if you are saving for a mortgage, other savings vehicles such as a LISA (in addition to your stakeholder) may be a better idea than paying more into your pension. See https://www.gov.uk/lifetime-isa

dunstonh

Good chance the Aviva pension is lower cost due to the auto-enrolment cap. Plus, Aviva Stakeholder pensions have fund based discounts and larger employers can obtain improved terms.

However, its impossible for us to say as we dont have that info.