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Is it better to have one pension fund or keep two?
tamcymru
Posts: 1 Newbie
Hi
I have about £40k in a pension with Zurich which was set up by a company I worked for years ago - I've continued to contribute as I have been self employed at times. I also have a NEST pension with my current employer.
I want to move the Zurich pension to a more ethical fund and provider. I think the easiest thing would be to just add it to my NEST pension as I have chosen the ethical fund option there. My question is: is it ok to have all your pension in one place or would I be better moving the Zurich funds to a different provider? I would continue to pay into both if I kept them separate.
Thanks for any advice.
I have about £40k in a pension with Zurich which was set up by a company I worked for years ago - I've continued to contribute as I have been self employed at times. I also have a NEST pension with my current employer.
I want to move the Zurich pension to a more ethical fund and provider. I think the easiest thing would be to just add it to my NEST pension as I have chosen the ethical fund option there. My question is: is it ok to have all your pension in one place or would I be better moving the Zurich funds to a different provider? I would continue to pay into both if I kept them separate.
Thanks for any advice.
0
Comments
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There's no right or wrong answer; it depends what you're trying to achieve. Useful guidance here on why you might want to have more than one pension: https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.htmlGoogling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1
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Its really makes very little difference unless the plans have standing charges. As both are auto enrollment schemes that is not an issue. So, it doesnt matter if have 1, 2 or 10.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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There is no inherent advantage or disadvantage in either having a single or multiple pensions. There will be differences in charges and investment options, and it is those which should drive decisions.
You should look at ethical funds in detail to ensure they meet your expectations, as one person's view of what is ethical may not be the same as the fund objectives. The main investments in the NEST ethical fund are Microsoft, Apple, Linde plc, Thermo Electron, Mastercard, Accenture, Taiwan Semiconductor Manufactuers, Paypal Holdings Inc, Hoya and Mettler Toledo.
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Yes ethical can be 'light green ' usually means just no tobacco or arms manufacturers or Big Oil .
Or 'Dark Green ' with all kind of things excluded. These funds tend to be expensive due to all the extra work needed in checking the investments by the fund managers.1 -
Use whatever combination gives you the investments you need to meet your goals while minimising charges0
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