Small amounts in few pensions. Want to combine them ???

paul2louise

I have an old stakeholder pension with Aviva which is doing nothing it's actually losing money. I have another small company pensions from a company I worked for a year. That changed to Aviva too. I have bits in local government pensions but nothing that amounts to much tbh. I want to bring them together. My hubby has a financial advisor but said it's not worth work for my pensions as they are so little. I know FA need to charge. I am quite happy to self manage as I ok with my savings and stocks/shares ISA. I just need some basics to get me started. Thanks 
Aviva won't advise unless I appoint a FA which will cost me and If I am to get a FA I want an independent one

Albermarle

Firstly you 'bits' in local government t schemes are different as they are Defined Benefit ( DB)  schemes , whilst your other ones are most likely Defined Contribution ( DC) schemes . You should be clear in your head what the difference is . This is a good website for info .
https://www.pensionsadvisoryservice.org.uk/
For the DC schemes the process is easy . Just open a new pension/SIPP with Vanguard ; Fidelity: Pension Bee etc etc and ask for the old ones to be transferred in at no cost normally.

paul2louise

Albermarle said:

Firstly you 'bits' in local government t schemes are different as they are Defined Benefit ( DB)  schemes , whilst your other ones are most likely Defined Contribution ( DC) schemes . You should be clear in your head what the difference is . This is a good website for info .
https://www.pensionsadvisoryservice.org.uk/
For the DC schemes the process is easy . Just open a new pension/SIPP with Vanguard ; Fidelity: Pension Bee etc etc and ask for the old ones to be transferred in at no cost normally.

Thanks

I just spoke to a financial advisor who said the low figure isn't worth most advisors getting involved. So I just need to open a new Sipp and transfer them in. I will look at the local gov pensions. The money is low. I don't earn much. Thank you 

Brynsam

paul2louise said:

I have an old stakeholder pension with Aviva which is doing nothing it's actually losing money. 
Aviva won't advise unless I appoint a FA which will cost me and If I am to get a FA I want an independent one

Why not change the funds you're invested in? It's the funds which lose money, not the pension itself.

Aviva won't advise full stop - that's what you have an adviser for.

Combining isn't always a good idea. See https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html

xylophone

I have bits in local government pensions but nothing that amounts to much tbh. I

Are you still working in local government? Your DB pension is a valuable benefit for the employer's contribution alone, let alone yours.

Do you not get an annual statement?

paul2louise

xylophone said:

I have bits in local government pensions but nothing that amounts to much tbh. I

Are you still working in local government? Your DB pension is a valuable benefit for the employer's contribution alone, let alone yours.

Do you not get an annual statement?

I have a LGPS pension currently. I don't get anything statement wise. I need to look into this.

LHW99

DB pensions don't generally give annual statements. With LGPS is probably depends on which version of it you have.

xylophone

With LGPS is probably depends on which version of it you have.

https://www.buckscc.gov.uk/services/council-and-democracy/local-government-pension-scheme/scheme-members/annual-benefit-statement/#:~:text=Your latest LGPS annual benefit,as your State Pension age).

5. Annual benefit statement

Your latest LGPS annual benefit statement is for the year ending 31 March 2020 and shows the benefits you built up to 31 March 2020. They also give an estimate of the benefits payable at your Normal Pension Age (which is the same as your State Pension age).  LGPS annual benefit statements are available by 31 August each year. For added security, they are now only available online. 

Perhaps OP needs to check the online service from her authority?

paul2louise

I have just changed jobs. I phoned Notts county council about pensions. They said I will receive a statement now I have finished with current job. I have the option within a year of my new job starting to be able to transfer my other 'bits'. So I could at the least move all my Notts pensions together if I don't move the company pensions. 
I looked for a pension advisor and I can't find one as the amounts are too little. Most have a threshold of 50k or even 100k. 

Albermarle

I looked for a pension advisor and I can't find one as the amounts are too little. Most have a threshold of 50k or even 100k. 

Pension Bee are not the cheapest but they make it easy for you ( although it is pretty easy anyway)

https://www.pensionbee.com/how-it-works

xylophone

You have a new LA job?
Would LGPS accept your other pensions?