New job/pension

daveaspy

Started a new job this week which raises loads of pension questions

I'm just filling in the forms for the company pension with scottish widows - they have the option of a cautious (71% shares), balanced (87% shares) or adventurous (98% shares) approach. I'm thinking with the currently depressed markets it might be good to go adventurous to start with, especially while there isn't much invested? I'm 20 years from retirement age.

Another question - I already have a scottish widows pension from several jobs ago, do you just end up with two pensions from the same provider or would they get merged?

And finally, for now - my last job used NEST as their pension provider and currently has around 10k in a higher risk fund. I'm not sure what to do with it but guess its probably worth transferring to my new pension or one of my several other ones, how does one decide where to put it??

MallyGirl

They won't automatically be merged but you can ask for it to happen if you want. Whether that is a good plan depends on the choices and fees available in each.

Albermarle

daveaspy said:

Started a new job this week which raises loads of pension questions

I'm just filling in the forms for the company pension with scottish widows - they have the option of a cautious (71% shares), balanced (87% shares) or adventurous (98% shares) approach. I'm thinking with the currently depressed markets it might be good to go adventurous to start with, especially while there isn't much invested? I'm 20 years from retirement age.

Another question - I already have a scottish widows pension from several jobs ago, do you just end up with two pensions from the same provider or would they get merged?

And finally, for now - my last job used NEST as their pension provider and currently has around 10k in a higher risk fund. I'm not sure what to do with it but guess its probably worth transferring to my new pension or one of my several other ones, how does one decide where to put it??

Unusual for a 'cautious ' fund to have 70% equity ( shares) . Normally would be more like 30%.
Anyway with 20 years to go you will probably be better off with a high % equity, that could be reviewed when you get a few years away from taking from the pension.

It is almost certain that a pension from years ago and from now, will be different, even from the same company. . For example different range of funds on offer and an older pension will be less flexible in how you can take the pension.

If you have several pensions, you need to formulate a plan for consolidating them, at least down to just two or three, just to cut the admin down. If they are standard Defined Contribution pensions, this is easy . If they have any guaranteed benefits or if any of them are Defined Benefit ( final salary- maybe public sector ) then it is less straightforward.