Getting Pension Advice

super_saver123

Thank you all for your advice.

As OldMusicGuy correctly points out, my knowledge and understanding of pensions is very limited. This is why I was seeking advice in the first place.

I think it would be to my benefit to read up and understand my position, so I will take up OldMusicGuy's advice and find a copy of "DIY Pensions: A Simple Guide to Pensions, SIPPs & Retirement Planning".

In answer to other questions:
- I am 44
- They are all DB schemes, 3 of which I stopped contributing to once I left employment
- I have a DB scheme with my current employer which I am contributing to.

xylophone

They are all DB schemes, 3 of which I stopped contributing to once I left employment
- I have a DB scheme with my current employer which I am contributing to.

Your three deferred pensions and your current pension are safeguarded benefits.

If any of your pensions are unfunded public service schemes a transfer out to a DC arrangement would not be permitted.

It appears from what you have said that the three deferred pensions are individually worth under £30,000 each - however, were your plan to transfer out to a DC arrangement you could find that regardless of the value, the DC provider would not accept a transfer without advice.

You could explore the possibility of a transfer of the three deferred DB pensions to your current DB pension - you would need to find out whether the current provider would accept a transfer in. Some will not and even those that will may have a time limit on transfer in.

However, depending on the terms of the three deferred DB pensions, this might not be to your advantage.

You would need to read your scheme booklets very carefully and compare the deferred benefits ( and normal scheme pension age) with the benefits on offer in your current scheme.

Have you obtained a new state pension forecast?

https://www.gov.uk/check-state-pension

dunstonh

As they are all DB schemes, then this changes things. DB pensions are not invested.