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Consolidating small pensions
MadMat
Posts: 270 Forumite
My wife (who is not very financially astute) has changed jobs several times over the past few years and as a result has 5 different small pensions with 4 different providers! (Aviva, nest, Legal & general and standard life)
Would it make sense to consolidate these into one pension, making it easier to track where she is and manage, and only pay one management fee? Are there any companies out there that offer a suitable product? my thoughts were to simply get her to open a low percentage charging SIPP and transfer the lot in and stick it in something like VLS60 as she has no interest in managing the funds herself.
Am I on the right track?
Mat
Would it make sense to consolidate these into one pension, making it easier to track where she is and manage, and only pay one management fee? Are there any companies out there that offer a suitable product? my thoughts were to simply get her to open a low percentage charging SIPP and transfer the lot in and stick it in something like VLS60 as she has no interest in managing the funds herself.
Am I on the right track?
Mat
0
Comments
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Would it make sense to consolidate these into one pension, making it easier to track where she is and manage, and only pay one management fee?
it could well do.Are there any companies out there that offer a suitable product?
plenty of them.
Which may actually increase the charges over what is currently being paid on one or more of those already held.my thoughts were to simply get her to open a low percentage charging SIPP and transfer the lot in and stick it in something like VLS60 as she has no interest in managing the funds herself.
Remember to compare what she already has.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 -
I think L& G are not active anymore in promoting pensions. Not that familiar with Nest but you can easily consolidate with Aviva or Standard Life . Normally you would need to invest £50K to start getting discounts though. If the total is less then you might be better off with a SIPP provider .5 different small pensions with 4 different providers! (Aviva, nest, Legal & general and standard life)0 -
Is your wife working at the moment?
If so, had she considered a transfer in to her current scheme (if permitted)?0 -
Yes she is currently working and in yet another self enrollment scheme, I had already suggested she get full details of the scheme and find out if they will accept transfers in.
Total amount is less than 50k
Cheers
Mat0
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