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A number of small pensions from part time jobs.
FreshStart76
Posts: 12 Forumite
I have a number of small pensions from the last 10 years. I’m returning to full time education, and wondered what it was best to do with the five of them. Should I put them all in one place or just leave them.
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This should be helpful reading: 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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If you do want to consolidate them it is usually pretty straightforward nowadays and can be mostly done on line.1
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Combining them all into one is doable and pretty easy online and saves a lot of admin in the long run once you have chosen your preferred platform.FreshStart76 said:I have a number of small pensions from the last 10 years. I’m returning to full time education, and wondered what it was best to do with the five of them. Should I put them all in one place or just leave them.
Whether its the right thing financially is a whole different thing.
There have been multiple threads over the years on this forum which are well worth a read , but you should check for things such as, exit fees/guaranteed rates/small pots withdrawals/new costs vs old costs and probably a few more.1 -
Leave them. Consolidation is not a justification for a pension transfer unless the charges you are incurring are high. Contact all the providers assuming they are not final salary and ask for a breakdown of the plan charges. If there is a charge paid to an I?IFA ask for it to be removed as this will continually reduce the fund value of each plan. You may be in a fund that has a high charge known an as annual management charge: AMC. You may be able to switch to a cheaper fund. If you need advice from an IFA always negotiate a fee do not accept the first cost because they all try to rip you off. I have been in this game for 30 years I have come across 3 decent IFAs. Like the above check for exit fees etc.0
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Great advice thank you0
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You may be able to switch to a cheaper fund.
Fund costs arre not the only factor to consider, just because they are cheaper does not guarantee they are better.
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