Merging pension

odd_days

Independent advice is is an awful lot of money and a mine field. I wonder if it’s worth merging 2 small pension in to one when they only have 5 years to go, or would the charges wipe out any gain. Cheers

Albermarle

Assuming they are standard DC/money purchase pensions , the only financial gain would be if one had lower charges than the other . When you come to take the pensions it would probably be administratively easier to have just one. Unless they are less than £10K each, then maybe better to leave them separate so you can take advantage of the small pots rule when you take them .
If you did transfer then probably there would be no charge but you would have to check.

JoeCrystal

odd_days wrote: »

Independent advice is is an awful lot of money and a mine field. I wonder if it’s worth merging 2 small pension in to one when they only have 5 years to go, or would the charges wipe out any gain. Cheers

Well, it is not possible to comment with so little details. What kind of pension schemes are they? What charges are you paying in them? What are they invested in at the moment?

Well, I do not consider independent advice as a lot of money and certainly not a minefield!

Andrew31

Too little detail to comment.

depends on many factors such as cost, attitude to risk, shape of income required (plus many many more factors).

Nobody on this forum will be able to tell you if it is the right thing to do.

Find a good adviser, costs should be just a a few percent, so i would consider that worth while, rather than trying to do it yourself.

Marcon

How big is 'small' ?

Freecall

Marcon wrote: »

How big is 'small' ?

It's a bit bigger than tiny but not quite as big as the holder would like it to be.

:rotfl:

odd_days

I like your definition. Haha

odd_days

It was that pension wise that I went on said about merging the 2 which in total is 80 grand, but seek independent advice. I did that and they charge 3 grand , which to me is over 8 and a half weeks wages so it’s hard t to comprehend how it’s going to benefit me. Think after a lot of thought have decided to stick as is. It seems you’re damed if you do and damed if you don’t. Thanks.

wjr4

odd_days wrote: »

It was that pension wise that I went on said about merging the 2 which in total is 80 grand, but seek independent advice. I did that and they charge 3 grand , which to me is over 8 and a half weeks wages so it’s hard t to comprehend how it’s going to benefit me. Think after a lot of thought have decided to stick as is. It seems you’re damed if you do and damed if you don’t. Thanks.

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