mutiple pensions from previous employers

orange86

Hi, i want to get my pension ducks in a row.

I have multiple pensions from previous companies i've worked for. I was thinking to either get them all onto the pension bee app or speak to my current employer and merge old pension pots to the current one.

Any advice on this?

Silvertabby

Are any of these DB (defined benefit/final salary)?

orange86

no, most are 3% or 5% contributions. i dont there are more than a few k in each

Silvertabby

Then assuming that none of your pensions have GARs (guaranteed annuity rates) and that they are just a few Ks each, then it could make sense to put them together. 

Hopefully, one of the DC bods with pop up with some ideas. 

El_Torro

For the sake of simplicity you can just transfer them all to your current employer’s scheme. Looking at Pension Bee the charges aren’t too high and it looks pretty simple. Might be worth comparing your employer’s scheme with this. The charges and what it is invested in. 

dunstonh

If they are a collection of relatively modern defined contribution pots of low value then that seems fine.  If its larger value then you should investigate a wider range of options.  If htey are older schemes then you need to know if they have any safeguarded benefits or not.

Marcon

Might be worth reading before going any further: https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html

Albermarle

or speak to my current employer and merge old pension pots to the current one.

Usually the best way is to speak/e mail the pension provider directly. Normally there is no need to get the employer involved.

Another possibility would be to merge some of the pensions, into one of the existing pensions. Preferably one of the newer ones.