work place pensions

stevehd

I'm confused about the whole workplace pension thing, It seems that I have maybe 3 different ones, but which is better to put my money into?
I have a Nest one and a peoples pension one, and also I have one I think with Legal and general from my year working at Tesco, Plus all the other work pensions over the years !!
My question is ,Can I transfer all of them into one,and if so,Which is best.?.... Nest ,or Peoples pension, Or other?
Thanks

Albermarle

Normally each employer will have their own pension scheme, so if you move jobs then you inevitably end up with multiple schemes. Assuming they are all standard DC/Money purchase schemes , then should be usually no problem to transfer them into one . You will have to stay with your current employers scheme , so you could transfer all old ones into that ( you will need to double check with the provider first that they accept transfers but they usually do ) Or you leave the current one alone and consolidate all the others into another one .
Regarding which is the best , this is a more complicated issue and depends a lot on your circumstances and how hands on you want to be choosing investments etc.
Firstly I suggest you start to find all details/paperwork relating to your previous pensions . You should get as a minimum an annual statement each year, but if you have moved address without telling them , then it will need a bit more work.

xylophone

Do any of your old pensions have "safeguarded benefits" valued in excess of £30,000?

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf