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Combining Pensions
MEEKUS
Posts: 42 Forumite
Hi, I have several small pension pots thanks to several jobs I have had in the past.
Whats the best way to know if combining them all into one pot is a smart thing to do? And if so how do i do it?
Whats the best way to know if combining them all into one pot is a smart thing to do? And if so how do i do it?
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Comments
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https://www.thisismoney.co.uk/money/pensions/article-7411619/Should-merge-old-pension-pots-one-scheme.html
You are going to have to do some research.
Have you made a list of all your old pensions?
Have you noted whether each pension is Defined Benefit or Defined Contribution?
Do you have a current value for each one?
If all DC with no special features, would you wish to consider a transfer into your current workplace pension if this is possible?
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As long as they are all standard DC pensions, and you have decided what you want to do , then the actual process is very easy . You just ask the pension you want to transfer in to start the process ( obviously you have to give them the other pensions details ) . There is no need to contact the scheme you are transferring out of.
Normally the transfer will arrive in cash and then you have to decide how to invest it ( possibly just add to the existing investments)
This is a good resource about pensions.
Pensions and retirement | Help with pensions and retirement | MoneyHelper
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