Silly Question...

Morata_

Why you "retire" do you have to chase around and contact the pension providers (if you've had multiple jobs/pensions) or are they activated automatically? I can see myself having a few small pots dotted around...

Thanks

MallyGirl

Have you been keeping them all up to date with any changes of address?

Marcon

If you've ensured they all have your current address, you should have been receiving annual communications from all of them (fund values from any defined contribution schemes, summary funding statements from any defined benefit schemes).

If not, down to you to update your contact details - the so-called tracing services, always assuming the pension provider tries to use them, are anything but 100% reliable.

marlot

Morata_ wrote: »

Why you "retire" do you have to chase around and contact the pension providers (if you've had multiple jobs/pensions) or are they activated automatically? I can see myself having a few small pots dotted around...

Thanks

Yes! Especially if you're doing anything unusual, such as retiring early, transferring, etc.



Some of my pensions providers were fabulous and did it in days. Others took 3-4 months.

AnotherJoe

There's no reason to have lots of pensions if they are DC. With DB you'd hang onto them but with DC as you move jobs consolidate older DC's so you never have more than 2 or 3. Start now whilst you can remember them all !

DairyQueen

+1 to AJ's suggestion.

Subject to any guarantees that may apply to specific non-DB schemes, I would look to consolidate as many pots as possible on one/two platforms.

Much easier for you to administer and manage the investments. More straightforward dealing with tax and drawdown, etc.

Consolidation will also provide an opportunity for you to optimise charges and review where your pot is invested.

lisyloo

There's no reason to have lots of pensions if they are DC

I've been advised not to move 2 of mine.
One due to a 28% MVR before 65 and the other because it has a bigger tax free lump sum due to A-day rules.
i.e. that can have penalties OR good features which means transferrring is not a good idea.