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Work place pensions consolidation
bspear
Posts: 5 Forumite
I have 4 small to tiny work place pensions over 3 providers (Nest, Smart Pension, Scottish Widows)
Looking to consolidate them to make admin easier
Generally any advice to watch out for on the process?
Should I consolidate them to the one with the biggest pot?
Cheers in advance, Sean
Looking to consolidate them to make admin easier
Generally any advice to watch out for on the process?
Should I consolidate them to the one with the biggest pot?
Cheers in advance, Sean
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Comments
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Are you still paying into one of them with a current employer?0
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have 4 small to tiny work place pensions over 3 providers (Nest, Smart Pension, Scottish Widows)
You mentioned a part time job in a previous post.
https://forums.moneysavingexpert.com/categories/pensions-annuities-retirement-planning
If you are contributing to a workplace pension with this job,(and particularly if you intend to stay in the job), you might consider this pension as a consolidation vehicle.
What do you intend to do with these pensions?
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You don't say how 'small to tiny' they are. If any are each less than £30,000 but the total would be more than £30,000 when consolidated, then you might reduce your later freedom of action by consolidating.Is there anything specifically difficult about administering them as they are?0
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All the pensions are dormant, the total pot is less than £7k, could leave them separate but 2 of them have a pot of only a few hundred pounds, the significant one is £5k.
I'm 55 so am looking to start drawing them now. Have started drawing a USS pension which allows me to work part time, this would be an addition to that.
Cheers0 -
Drawdown may prevent limit the tax advantages of further pension contributions. So you might want to watch out for that.
Then again - if it's just £7k total maybe you could simply cash them in a trivial??I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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⭐️🏅😇🏅0 -
Trivial commutation wouldn't help here - they'd need to be cashed in using the 'small pots regime' (if cashing in is what OP wants to do).Brie said:Drawdown may prevent limit the tax advantages of further pension contributions. So you might want to watch out for that.
Then again - if it's just £7k total maybe you could simply cash them in a trivial??Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
am looking to start drawing them now.
You just consolidate into one pension and take the lot as a "small pot"?
Do you contribute to the pension offered by your current employer?
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