Amalgamating pensions good idea or not?

wannaberich41

Hi
my husband took out a pension with coop at a very young age.  This he stopped about 10 years ago as took on his employers pension.  (Where he worked for 30 years). Royal London.
He is now in new employment for the last 2 years.  Would it be financially best to keep all 3 private pensions separate or would it best to amalgamate them all?
many thanks

Marcon

wannaberich41 said:

Hi
my husband took out a pension with coop at a very young age.  This he stopped about 10 years ago as took on his employers pension.  (Where he worked for 30 years). Royal London.
He is now in new employment for the last 2 years.  Would it be financially best to keep all 3 private pensions separate or would it best to amalgamate them all?
many thanks

Impossible to know without much more information, but this should give you a helpful starting point on things you need to consider: https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html

Linton

Whether merging pensions is a ghood idfea and where to merge them, depends very much on the details.  All other things being equal then merging, perhaps in the current employer'spension,  is probably a good idea.  But things - eg costs, investment options may not be equal.  If the pension dates back to say the 1980s there is a chance that it includes guarantees that would now seem amazingly generous.  So get your husband to check the details.