PRIVATE PENSION FROZEN ADVICE

shannianni

Hi I have 5 different companies frozen pensions, how do I get them all combined into 1 pension and who do I need to see regarding this and to change this.

Many thanks
Ian. 

AnotherJoe

You don't need to find anyone. You can DIY just open a new pension and then ask them to transfer in the old ones. This assumes they are all simple D.C. pensions with no guarantees .
you could also use an IFA , whether that's feasible depends how much is in these. If it's small amounts probably not worth their while. 

shannianni

Many thanks for your reply, it a considerable amount so I will ask my bank

Once again many thanks

Dox

shannianni said:

Many thanks for your reply, it a considerable amount so I will ask my bank

Once again many thanks

Your bank is not independent. If you're getting advice, use an IFA, not someone who can only advise on their own products.

Remember too that your pensions are not 'frozen'. If they are DC they are still invested; if they are DB, they are revaluing (unless you left the scheme at least 30 years ago, in which case you'd need to check) every year from the time you left the scheme until you start to draw your benefits. 

Worth reading before you go any further: https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html

xylophone

Hi I have 5 different companies frozen pensions, how do I get them all combined into 1 pension and who do I need to see regarding this and to change this.

Are these Defined Benefit pension schemes (you are a deferred member) or Defined Contribution Schemes?

If DC, do any of them have safeguarded benefits valued at more than £30,000?

If Defined Benefit, are any of them with Public Service schemes and if so which ones?

If Defined Benefit, do you know the Cash Equivalent Transfer Value? 

Are you currently a member of a pension scheme? DC or DB?  Are transfers in permitted and if so, are you within any transfer in period?

AnotherJoe

shannianni said:

Many thanks for your reply, it a considerable amount so I will ask my bank

Once again many thanks

Absolutely do not ask your bank. If you aren't confident use an IFA.  
WIth a bank you'll get high charges for mediocre products. 

LHW99

Depending on the charges on these, you may find it easier to transfer them all into the one with lowest charges. Alternatively is there actually any need to have them all in one? Sometimes having several pots can be more flexible.

Albermarle

If you are not sure about some of the terms used , here is a link to the Governments sponsored website.
https://www.pensionsadvisoryservice.org.uk/

dunstonh

Hi I have 5 different companies frozen pensions,

It is rare to come across anyone with a frozen pension.  Let alone 5 of them.   Are you sure they are frozen? (a term that has a specific meaning) or are you using the term in error?

Many thanks for your reply, it a considerable amount so I will ask my bank

Never use a bank or investment, pensions or insurance products.   Expensive and often cut down version s of the independent product or a generation or two behind in quality/options.   

shannianni

Hi I was in company's and when I was made redundant I was not paying into them, I still receive the amount in them but am not paying into any of them now. 

shannianni

I mean I receive a statement each year of them all