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Combine my pensions?
lindawood667
Posts: 2 Newbie
I have 4 pensions from company’s I've worked for and a personal pension which I have not paid funds into for a while, would I be better leaving them where they are or combining them to one pension.
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Comments
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The answer will depend on the nature of the pensions and possibly charges associated with the pensions.
How many of the pensions from previous employments are final salary pensions and how many are Defined Contribution (also called Money Purchase) pensions?
Generally you are better leaving the final salary pensions with your employers as they take all the risk of you living a long time and manage all the investment for you.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.1 -
The answer is 'it depends ' although a reduction from 5 to a smaller number is less admin, especially when you come to take income from them .
How small/large they are ?
How old/new they are ?
How do the charges compare ?
How long before you think you might need to start taking money from them ?
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