3 x employee contribution pensions - Transfer to 1?

saintscouple

Hello,

I have only recently made aware that i have 3 x employee contribution pension plans from previous employments.

I suffered / suffer from mental health problems, and moved jobs, and addresses regularly. I'm 48 and currently unable to work due to my mental health and claim ESA in the support group.

The values of the funds aren't great -

Tesco Plc Money Purchase Pension Scheme £599.92
Kingfisher Retirement Trust £2,507.96
Aviva Staff Pension Scheme £6,822.89

What i would like to do is to have just 1 pensions scheme, and if possible have a cash withdrawal now? Are either of these possible, and if so how do i go about doing it without paying a fee or paying someone to advise / arrange?

Thank you

AnotherJoe

There's no particular advantage to consolidating and for the time being if you have mental health issues I suggest you leave as is and wait because you'd have to do a fair but of work to decide where to transfer to and how to manage the new pension.
You cannot withdraw your money until you are 55.
If you are ever approached about doing it before then, it's a scam, pure and simple, ignore.

xylophone

What i would like to do is to have just 1 pensions scheme, and if possible have a cash withdrawal now?

Not normally at age 48.

With regard to the Kingfisher and Aviva Schemes, were either of these Defined Benefit?

If they were DB, when were you working for these companies?

Have you obtained a State Pension Forecast?

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

saintscouple

State pension forecast, thanks for the link, shows £8,575.55 a year

I'm unsure what defined benefit is, i don't think i was contributing to these pensions.

Aviva shows a policy start date of 01/02/2015 with a status as deferred. I probably left after 3 years.
Kingfisher shows a last contribution date of 01/04/2007 which must have been when i left.

Paul_Herring

I would suggest that given your current circumstances (age [low] and health [other things to worry about]) that there is not a lot you could constructivly do with those pensions given their (admittedly low) values, in the short term.

Whilst I wouldn't completely forget about them, I wouldn't worry overmuch about doing anything about them and concentrate on other things more likely to help you more immediately.

TLDR, don't fuss too much about them, you can't/won't see much short term benefit from worrying over them; they can look after themselves.

xylophone

State pension forecast, thanks for the link, shows £8,575.55 a year

What exactly does the forecast say?

The above is precisely a full new state pension - does your forecast show a COPE?

Does it say that this is what you will achieve after a certain number of future contribution years?

saintscouple

This is all it says....

Your State Pension summary
You can get your State Pension on xx xxxx 2038. Your forecast is

£164.35 a week

£714.63 a month, £8,575.55 a year

Your forecast

is not a guarantee and is based on the current law
does not include any increase due to inflation
You need to continue to contribute National Insurance to reach your forecast
Estimate based on your National Insurance record up to 5 April 2018
£144.54 a week
Forecast if you contribute another 5 years before 5 April 2037
£164.35 a week
£164.35 is the most you can get
You cannot improve your forecast any further, unless you choose to put off claiming.

If you’re working you may still need to pay National Insurance contributions until xx xxxx 2038 as they fund other state benefits and the NHS.

View your National Insurance record
Your forecast may be different if there are any changes to your National Insurance information. There is more about this in the terms and conditions.

Proposed change to your State Pension age
You’ll reach State Pension age on xx xxxx 2038. Under government proposals this may increase by up to a year.

You’ve been in a contracted-out pension scheme
Like most people, you were contracted out of part of the State Pension.

Marcon

The Kingfisher Retirement Trust was wound up in 2009 and benefits transferred to BlackRock. See https://www.kingfisherpensions.com/left-scheme/kingfisher-retirement-trust-krt/ for contact info (and don't worry - what's happened isn't a cause for alarm).

The Aviva Staff Pension Scheme is a final salary scheme, so don't be in a hurry to move your benefits elsewhere.

General info on types of pension: https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics/different-uk-pension-schemes

xylophone

Estimate based on your National Insurance record up to 5 April 2018
£144.54 a week
Forecast if you contribute another 5 years before 5 April 2037
£164.35 a week
£164.35 is the most you can get

Note above - presumably ESA gives you NI credits for state pension?

You’ve been in a contracted-out pension scheme
Like most people, you were contracted out of part of the State Pension.

It seems that at least one of your schemes was contracted out of SERPS/S2P - this could indicate that at some stage you contracted out into a personal pension but it is more likely that one or more of your occupational schemes was contracted out - this was quite usual with DB Schemes.

Do you get regular "Statements of Deferred Benefits"?

saintscouple

Yes ESA gives ni credits for state pension.

Yes i get statements, although Kingfisher aka blackrock, and aviva i have online access too. The statement from Tesco came today, which is the first i've heard about it. I did think i had one when i worked there and enquired a few months ago, but they said i didn't.... then this statement came this morning, so guess they found me.

Nothing on statements mention deferred benefits, though aviva statements mention i'm a deferred member.

xylophone

Do you know the Normal Retirement Age for each scheme ( that is, the age at which you can claim the pension without actuarial reduction)?

Do you know how the pension is revaluing in deferment?