Few small pension

Lisa1978

My husband has changed to his 3rd job within the last 3 years. Prior to this he was in one job for 15 years. With each employer he was paying pension contributions. They are all with different providers. Is he best asking his now employers pension can he transfer them all Into it? 

If you don’t or can’t transfer contributions and have a few different pensions how does that work come retirement age? Do each pay you a small amount each week? 

Thanks 

dunstonh

 Is he best asking his now employers pension can he transfer them all Into it? 

Possibly yes if they are all defined contribution schemes.

If you don’t or can’t transfer contributions and have a few different pensions how does that work come retirement age? Do each pay you a small amount each week? 

He can combine them now or combine them later.  A lot of people who move job frequently maintain an individual plan and transfer their old workplace schemes to that each time they move on.

kuratowski

Lisa1978 said:

If you don’t or can’t transfer contributions and have a few different pensions how does that work come retirement age? Do each pay you a small amount each week?

Assuming these are all defined contribution (DC) pensions, your husband will have flexibility on when to take money from each pot, there's no income per week as such (although one can choose to take a regular income if that's suitable).  Although older pensions may not support the modern flexible access methods, so you might need to transfer them to a newer provider anyway.  Also, combining the pots can make administration and management simpler.

As you begin to think about, and plan for, retirement it would be valuable for you to both familiarise yourselves with the pension access options available.  Start by having a read on here

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

Lisa1978

Many thanks to you both. I will pass this information on and take a look at the link provided. 

Albermarle

FYI- It is actually very easy nowadays to transfer DC pensions , or start a new one.

Be aware that the pension is just an administrative entity, that deals with contributions, tax etc .
Your money is actually in the investments within the pensions and this is what will determine their performance,