Multiple Auto-enrolled Pensions

mattmc

Being a millennial, I've moved jobs multiple times in the last few years and built up 3 auto-enrolled pensions. One with Legal & General, another with the Peoples Pension and another with Nest. I was wondering should I be consolidating these into one pension. I was looking through investment options for these as well and I'm looking at changing them to a couple of ETFs so any opinions on that is also appreciated.

Edit: Also, I posted it in pensions main because the sub-forum is rather dead hope this is okay.

Albermarle

See thread from same question asked yesterday .
https://forums.moneysavingexpert.com/discussion/6029921/company-pension-with-succession-of-employers
If you have a current pension you need to stick with that as your employer will normally only contribute to the one they have an arrangement with . You could consolidate the others into the current one , or start a separate one and transfer just the old ones into it and then others as you career moves happen.
Normally at a younger age it is best to be in higher risk./higher potential growth funds as you have time to ride out the volatility.
Your question about ETF's need to be a bit more specific about what you are looking at .

penners324

There's no right or wrong answer. I have amalgamated all my pensions into 1 first ease of access and knowing they're all un the fund.

mattmc

Albermarle wrote: »

See thread from same question asked yesterday .
https://forums.moneysavingexpert.com/discussion/6029921/company-pension-with-succession-of-employers
If you have a current pension you need to stick with that as your employer will normally only contribute to the one they have an arrangement with . You could consolidate the others into the current one , or start a separate one and transfer just the old ones into it and then others as you career moves happen.
Normally at a younger age it is best to be in higher risk./higher potential growth funds as you have time to ride out the volatility.
Your question about ETF's need to be a bit more specific about what you are looking at .

Ah, apologies. I did not see that thanks for the link. Looking at the other thread seems like a decent idea to just move it all to my current employers or open a stakeholder.

Yeah, I'm only 25 so likely going for 90% ETF 10% bonds.

Is it worth the pain in the !!! to manage multiple pensions. I have around 300 in Nest and 1k in the others. My current employer is with Legal & General just not sure if I should be moving it all into there and manage it with them. Obviously at the moment it's not a significant amount of money but potentially in the future it will grow a decent amount as I'm chucking ~£125 a month into it which is matched. So wanna make sure it's in the right place to begin with.

I was looking at a variety of funds or just chucking it all into one such as something like the FTSE World Index.

Albermarle

My current employer is with Legal & General

In general L&G are losing interest in pensions long term .
So probably opening a simple stakeholder is a good idea, or a SIPP if you feel comfortable being more hands on with a lot more choice of investments . I am not sure you can invest in ETF's in a stakeholder anyway ?

mattmc

Albermarle wrote: »

In general L&G are losing interest in pensions long term .
So probably opening a simple stakeholder is a good idea, or a SIPP if you feel comfortable being more hands on with a lot more choice of investments . I am not sure you can invest in ETF's in a stakeholder anyway ?

Ah right, good point. Likely should really look at SIPP. I already do S&S ISAs and invest in ETFs there. I'm just not sure how it works with a pension, got any decent reading material or advice on what SIPPs I could look at?

Albermarle

https://monevator.com/compare-uk-cheapest-online-brokers/
http://www.comparefundplatforms.com/
You invest in ETF's in a SIPP the same way as in an S&S ISA . Its's the tax regime and when you can withdraw the money that is different .