PRIVATE PENSION FROZEN ADVICE

Stubod

...do you have any retirement plans?...what do you intend to live off if you are not paying into a pension?

shannianni

I think everyone is going off on a tangent, I originally asked who is the best people to speak too regarding combining my old company pensions that I no longer contribute too, 

Prism

shannianni said:

I think everyone is going off on a tangent, I originally asked who is the best people to speak too regarding combining my old company pensions that I no longer contribute too, 

You probably don't need to speak to anyone. You can open up a SIPP with a platform like Youinvest, Hargreaves Lansdown or Interactive Investor (there are others). Then from that SIPP you can start a transfer process off typically online as long as your have your previous pension account details. It can take some time to do the transfers. It may also be the case that one or more of the pensions can't be transferred. After the transfer you will need to manage your own investments but that can actually be fairly simple.

Or you could find and contact an independent financial advisor who will do this all for you but will charge a few percent of your total to do it. 

dunstonh

Or you could find and contact an independent financial advisor who will do this all for you but will charge a few percent of your total to do it. 

And as the OP is an opt out, he would have to see a pension transfer specialist.   

kangoora

shannianni said:

I think everyone is going off on a tangent, I originally asked who is the best people to speak too regarding combining my old company pensions that I no longer contribute too, 

The reason people are 'going off on a tangent' is that you are literally throwing away £90 every month. In your case, being 53 now, you could even start to access it in 2 years time (although leaving it until you retire would be a better idea by far, usually)

Hoping I have the calcs right below. If we work on the principle that £90 is the 5% required by NEST pension scheme, your employer is obligated by law to provide 3% of your salary into a pension scheme as an employER contribution. I have no idea why they were only contributing £30, Maybe this was when the employer contribution was limited to 1%?

However, using the £90 figure and current 3% employer match we get the following, approximately.

Your contribution = £90

Employer 3% = £90/5 x 3 = £54

(£90 + £54) x 1.25 (HMRC uplift) = £180 going into your pension for a cost to you of £90............

If you really can't afford £90 then at least you now know what additional pension savings you are turning down by not joining a pension scheme.

xylophone

 I originally asked who is the best people to speak too regarding combining my old company pensions that I no longer contribute too, 

Could you answer the questions in my first post - they are relevant to your question.

shannianni

xylophone said:

 I originally asked who is the best people to speak too regarding combining my old company pensions that I no longer contribute too, 

Could you answer the questions in my first post - they are relevant to your question.

There is so many posts now could you let me know what you asked please

JoeCrystal

xylophone said:

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?

Here are the questions in xylophone's first post in this thread.

AnotherJoe

kangoora said:

shannianni said:

I think everyone is going off on a tangent, I originally asked who is the best people to speak too regarding combining my old company pensions that I no longer contribute too, 

The reason people are 'going off on a tangent' is that you are literally throwing away £90 every month. In your case, being 53 now, you could even start to access it in 2 years time (although leaving it until you retire would be a better idea by far, usually)

Hoping I have the calcs right below. If we work on the principle that £90 is the 5% required by NEST pension scheme, your employer is obligated by law to provide 3% of your salary into a pension scheme as an employER contribution. I have no idea why they were only contributing £30, Maybe this was when the employer contribution was limited to 1%?

However, using the £90 figure and current 3% employer match we get the following, approximately.

Your contribution = £90

Employer 3% = £90/5 x 3 = £54

(£90 + £54) x 1.25 (HMRC uplift) = £180 going into your pension for a cost to you of £90............

If you really can't afford £90 then at least you now know what additional pension savings you are turning down by not joining a pension scheme.

It's likely not£90 either but less than that. Maybe £65-£75 less each payment.