Consolidation

Neil_Creedy

I am looking to consolidate my non work related pensions into one plan and have been told to look at Pensionbee.  I am looking for some insight into this. It seems very straightforward but my pension provider is not making it straightforward and warns me of doom and gloom although all the reviews about pensionbee are positive. This is not about a final salary pension as I dont have one nor is it about transferring from my present company pension as they already pay into the pot so that will not be touched. Thank you
Neil

AlanP_2

Which pension provider, and if they are all with one already what have you got to consolidate for?

No experience with pensionbee but they are small and new to the scene, why have you chosen them,. who told you to look at them, what experience / expertise do they have in pensions?

dunstonh

 I am looking for some insight into this. It seems very straightforward but my pension provider is not making it straightforward and warns me of doom and gloom although all the reviews about pensionbee are positive. 

Pension providers will never make negative comments about other pension providers.   They will point out the risks of transfers generically. Some of which may or may not apply and they will warn of scams.

Have you completed an analysis of your existing providers with the alternatives and are clear on where you feel the alternative is better?

Dox

Neil_Creedy said:

I am looking to consolidate my non work related pensions into one plan and have been told to look at Pensionbee.  I am looking for some insight into this. It seems very straightforward but my pension provider is not making it straightforward and warns me of doom and gloom although all the reviews about pensionbee are positive. This is not about a final salary pension as I dont have one nor is it about transferring from my present company pension as they already pay into the pot so that will not be touched. Thank you
Neil

Have you looked at the reasons NOT to consolidate? See https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html

NottinghamKnight

OP you wouldn't expect BMW to be positive about how good Mercedes cars are, they are competitors and the same is true for pension providers. PensionBee would typically be fine for small pots, basic but not terrible, but there are better and cheaper options out there for larger amounts, some fixed fee and some percentage based, £30k is often a number quoted as being the approximate cutoff. Have a search for 'snowman's spreadhseet' on these forums and the interweb which gives a comparison of providers by cost, the cheaper options require you to make decisions on your investments which may or may not suit.

xylophone

non work related pensions .........my pension provider 

One of the providers?
You indicate that the pensions in question are all DC -  do any of them have any safeguarded benefits valued in excess of £30,000?

Are you willing to provide details of the pensions in question?

Is there any possibility of transferring your old pensions into your current employer's scheme?

Albermarle

Normally when you transfer a DC pension you ask the receiving scheme to organise it . Usually you have no contact with the ceding scheme , so not sure how you received these negative comments ?

NottinghamKnight

It;'s probably a standard warning letter against scams and warning the customer to do their research.