Tracing old pension pots and consolidating into one pot

House1965

My husband has old pensions swirling around from the 1980 through to 1990s and maybe up to 2000, resulting in probably about 7 or 8 different pensions. The tricky thing is companies move, sell out, get sold or go bust and my husband was never good at keeping in touch, keeping documentation, informing of change of address, etc. Now, he wants to find them all and stick them in one pot. Pensions tracing services have only had limited success and so, he has instructed a company to find them for him. Nothings been signed but he knows that the holding company which will want 3% for gathering up all these pensions and combining them into one place. He was informed of this sum before they started searching and there are still outstanding pensions which have remained elusive...  What do people think of this sum? I obviously cannot name names but just want to find out if this is the going rate ?  I also wish to get in touch with a regulated financial adviser for advice because this is so important. Any advice from here would be appreciated too....

[Deleted User]

He would probably be contracted out of SERPS at that time, if so write this letter and it will give you an idea of which companies https://forums.moneysavingexpert.com/discussion/comment/77156419#Comment_77156419

Qnord

I used a company called True Potential, who only charge if you open an account with them and it is nothing like 3%.

Albermarle

but he knows that the holding company which will want 3% for gathering up all these pensions and combining them into one place. 

Normally setting up a new pension and transferring old ones into it and devising a suitable investment strategy is the job of a regulated financial advisor ( or you can do it your self ). I would be a bit wary of a pension tracing service of some kind , actually doing this step . Is this what they propose to do?

House1965

This company wants to combine all pensions in one pot and do the job of a financial advisor, so they will be managing this pot too.  My husband was approached via Linkedin so i'm a little wary. I think we both are in all honesty. We will take a look at True Potential and do more homework.

wjr4

Find the pensions yourselves and then see an IFA, not one that has approached you, not True Potential. 

Marcon

House1965 said:

This company wants to combine all pensions in one pot and do the job of a financial advisor, so they will be managing this pot too.  My husband was approached via Linkedin so i'm a little wary. I think we both are in all honesty. We will take a look at True Potential and do more homework.

So effectively cold called? You don't need their services if you're prepared to do a bit of legwork yourself, nor is it necessarily a good idea to stick all the pensions into the same pot. True, it'll be easier to find them, but you could lose valuable guarantees in the process.

If you've not yet done so, have a look at https://www.pensionsadvisoryservice.org.uk/content/publications-files/uploads/Tracing_your_pension.pdf

Also useful: https://www.uar.co.uk/

Albermarle

 My husband was approached via Linkedin so i'm a little wary

In this case you are right to be wary. 

I obviously cannot name names 

Well people often name names on this forum, especially of they are a bit nervous of the approach of the company involved. As long as you do not say anything defamatory or blatantly untrue , it is just like saying I am thinking of buying a used car from ***** what do you think of them. 

It might help to clarify exactly the situation.

MallyGirl

It really isn't a huge amount of effort to write a load of letter - or use the same letter with tweaks to dates. 3% seems like quite a bit to pay someone else. Just get him to list his employers, see what docs he has (pension statements, payslips showing pension contributions, P60s etc) and then write to the HR department of each one updating his address and asking for pension info for the time he was there.

House1965

I obviously cannot name names 

Well people often name names on this forum, especially of they are a bit nervous of the approach of the company involved. As long as you do not say anything defamatory or blatantly untrue , it is just like saying I am thinking of buying a used car from ***** what do you think of them. 

It might help to clarify exactly the situation.

Thanks for your reply. Pension plus have been chasing the old pensions and they do the leg work for the Arlo Group. Has anyone heard of either and what did you think?

georgehere

The 3% or any '%' doesn't make a lot of sense to me. A fixed fee would be more appropriate, eg. £100 per pension traced. If they find a pension worth £100 or £100,000 - the work is the same.
I would not trust any company who wants to charge on a % basis. I would immediately suspect that their terms and conditions are full of loopholes and get-out clauses. Also, when are these pensions valued and what is the definition of 'value'? I expect they decide both to their advantage.