Two pension pots, needing advice whether good idea to combine

jmb1

Hi there. I am really lacking in knowledge regards to my pension funds, which are desperately needing attention because as things stand my pension is I imagine nowhere near where it should be at this stage of my life (I'm 48) as i've lost about 10 years not paying anything to a fund.

I have one pension with Old Mutual (has gone through several name changes) since it was set up by an old employer 15 years ago or so but not paid into for about 10 years. I then have a more recent work place Nest pension currently being paid into through my full time employment which began two years ago.
I think I probably need an fia to look at my statements and where my funds are invested in both funds and then advise whether or not they should be combined. Particularly with the older pension which has stood as is for some time so may well not being delivering the best vale fund wise.

So can you advise where I best start with all this? Ideally I dont want to have to pay too much to an fia as I don't have the budget for it, but I do realise nobody will advise on this for free. Just wondering what my best options are and where to start?

Marcon

Before you rush to combine(!), see https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html

Albermarle

So can you advise where I best start with all this? Ideally I dont want to have to pay too much to an fia as I don't have the budget for it, but I do realise nobody will advise on this for free. J

It sounds like you are not talking about large funds ?, in which case you may find it difficult to get an IFA interested .

In the meantime you should not jump to the assumption that there is something wrong with the older pension, or that it is expensive ( it might be of course ) Do you know the charges ? Can you say what the investment fund is ?