Help with pension consolidation

Sjudy22

Hello, I already have 4-5 pension pots, and I was wondering if there’s a “service” I could use to get the smallest ones consolidated Easily. I’m worried I will loose track with policy numbers, log-in details, updating records, contact details, etc as the years go buy and I move around.
I would be happy to pay a fee to save me having to do all the paperwork work especially as I find the whole thing confusing.
many thanks 

kuratowski

What you're asking for is pretty much PensionBee's business model:
https://www.pensionbee.com/

If you're willing to do more of it for yourself you could get a cheaper deal one of the platforms on this list (depending on amount and desired investments):
https://monevator.com/compare-uk-cheapest-online-brokers/

tacpot12

You should probalby have a password manager for all your passwords anyway, and the rest is just a list (or spreadsheet) of the other details. I keep mine in a spreadsheet along with details of all my assets, in case I die any my executors the account numbers and names of the providers to trace them. I can't see why you would pay for a service at all.  

MallyGirl

It really isn't hard to do it yourself. Just choose if they are all going to end up in one of the existing ones or a new one and then follow the transfer process in the target account.

OldMusicGuy

What Mally Girl said. Provided there are no special guarantees or anything like that on your pensions, you choose one to transfer them to and get that pension provider to request the transfer. It's easy and costs nothing. 

Sjudy22

Thank you everyone for the advice. At the beginning of the lockdown I considered doing it myself. I was advised that I have to contact my current pension providers to request a transfer out valuation. Two of my current providers sent to me a form to complete and I wasn’t sure what boxes to tick so I gave up. I don’t enjoy spending my time trying to understand these things. Perhaps I should have gone back to the new provider for clarification, but it just seemed like a lot of hustle.
I’ll give it another go and see how it goes.
Has anyone had a good experience transferring in to a provider they would recommend?

cattom

I Also had several different pensions accumulated over the years with various employers. I wasn't sure what to do, and didn't want to get to d day only to be told been doing it wrong all these years. so went on the pensionwise site, found on there a ifa. hilltop finance, and they put everything in one pot for me, and now I can see on here, how much its worth, whether its gone up or down etc. before I was just looking at columns of figures which I didnt understand.

MallyGirl

Sjudy22 said:

Thank you everyone for the advice. At the beginning of the lockdown I considered doing it myself. I was advised that I have to contact my current pension providers to request a transfer out valuation. Two of my current providers sent to me a form to complete and I wasn’t sure what boxes to tick so I gave up. I don’t enjoy spending my time trying to understand these things. Perhaps I should have gone back to the new provider for clarification, but it just seemed like a lot of hustle.
I’ll give it another go and see how it goes.
Has anyone had a good experience transferring in to a provider they would recommend?

you are best off working out what you want to do with the consolidated amount - and add up the total. Then choose the best platform for that. This might not be the easiest in terms of transfer but you only go through the process as a one off.
Depending on the value you might be better off going with a fixed fee or a percentage fee.
if you are just going for Vanguard funds then the Vanguard SIPP is the cheapest option.
A bit of research will put you in a better place to make decisions 

kuratowski

Sjudy22 said:

At the beginning of the lockdown I considered doing it myself. I was advised that I have to contact my current pension providers to request a transfer out valuation.

Are they definitely all pension pots (defined contribution pensions)?  It's just, from the way the above is worded, I wonder whether there is a chance any of these old pensions might be defined benefit pensions - in which case transfers would be a whole different ball game.

The distinction is explained well on the following site:

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics

If they are definitely all defined contribution pensions then you would have no need to contact the old provider for a valuation, you would just log in and take the value off the screen.

Malchester

PensionBee is but one option. I was with PensionBee but their admin and systems are woefully poor. Just transferred to Penfold (get penfold) and they have been excellent. Customer service second to none and, in my view superior to PensionBee.

Crookesmoor

Transfers and pension management have costs, which might not always be apparent in the marketing blurb or noticed as the funds transfer.
Pension Bee might provide a good 'service' but they are then investing your pension. In many circumstances, the investment performance could be better elsewhere.
I use a financial advisor. I do pay for this but I hope/believe that the investment performance outweighs this.