Getting to 55, time to consolidate?

richard686

Getting towards 55, I have a few pension pots, some bigger than others, none have been paid into for at least 10 years. I also have a load of shares, directly invested, also a stocks and shares ISA that has built up over the last 10 years.

I'm not working (living off of savings) so looking at what to do with all these now I'm getting to 55. Is it worth getting everything into a SIPP? 

My goals are to provide an income as I'm no longer working. No need for anything left when I peg it and I'm expecting to keep going for at least another 30 years. I have no debt and own my own home, which I'll downsize in the next 10 years or so and release a chunk of equity from.

Is it worth consolidating all this to make it easier to manage or is it going to be better to keep the spread of investments going? Should I be looking at moving to less volatile investments that are geared more to income provision? Should I just sit tight and weather the storm that seems to have been going for the last 6 years or so! (Brexit, Covid, War in Europe, Truss etc etc).

I know an IFA might help give me some ideas, but I thought I'd ask here first, before I go down the rabbit hole of finding a professional...

Albermarle

Getting towards 55, I have a few pension pots, some bigger than others, none have been paid into for at least 10 years. I also have a load of shares, directly invested, also a stocks and shares ISA that has built up over the last 10 years.
Are all the pensions simple Defined Contribution pots, or do any have attached guaranteed benefits, or are any actually  Defined Benefit pensions?
 In case you are not sure.

Pension basics | Help with pension basics | MoneyHelper

I'm not working (living off of savings) so looking at what to do with all these now I'm getting to 55. Is it worth getting everything into a SIPP?
Presume you mean, all the other pensions into a SIPP? You can not just transfer in other investments, ISA's etc.
In fact in theory you could, but it would be a very bad idea, as they would then be subject to tax on withdrawal, without getting any tax relief on the way in.

Gubs113

You will need to do some leg work. For each pension (assuming all are DC)
Do any have guaranteed benefits

What are their charges

What options do they give re drawdowns

Once you have that the. You can start making informed decisions & people here can give some help 

squirrelpie

I would certainly transfer any directly held shares into a tax wrapper (ISA or SIPP) as quickly as possible as limited by earnings or annual allowances (or sell and buy inside the wrapper if necessary).

Pension consolidation can make life simpler, but sometimes separate pensions are better because of different rules, so you need to look at each one individually.

gm0

No rush

The tax wrappers you have now each need examining for "cost", "range" vs what you want to invest in, insurance, convenience (digital), relevance (is the company still active and sustainable).  And how they are to be accessed.

Any legacy special benefits (older pensions especially.  Use of small pots rule if relevant.

It *may* be sensible to tidy up to one of each kind - one S&S ISA, one Pension.  But it may not.

In old age you may want to simplify your affairs for heirs.  But not at 55.

Work out how/when accessed. Establish costs and terms.  Work out what investments need to be held (if different)

Pick most appropriate current or new platform candidates to hold these investments for the ISA and Pension and anything else.

Wait for a tranfer cashback offer if moving to a SIPP platform

And consolidate those that need it and not those that don't