Can I do anything with a small pension?

KierNet

I didn't realise/pay attention that I was paying into a pension at an old job.  There isn't a huge amount in there.  Currently around £6,000.  I'm paying into a new pension and believe I've left it too late to move my old one across (been here for three and a half years now, believe I could move it across within 12 months).  It's a police pension so although not as good as it once was, its still good.  

What can I do with this other one?  I'm happy to take a lot of risk with it.  Would be nice for it to be able to treat myself to a new car/bike when I turn 55!  (33 currently). 

Or is it worth seeing if I can transfer it across to my current one?

tacpot12

It's probably better to leave it where it is. You will need it for your retirement. If you want a new car/bike when you are 55, start saving now, ideally into a Stocks and Shares ISA. 

NannaH

See what the charges are and what it’s invested in.
If it’s high charges / there aren’t many investment choices then you could open a Sipp and transfer it ( assuming you can’t transfer it into your police one).
Then it’s just a matter of choosing an investment -  a global tracker is the cheapest/simplest option, gives diversification and is likely to grow nicely given the time frame. 
Unless we see spectacular returns like 2011-2021 then 6% real growth after charges for 22 years is going to give you around £20k. 

You could go very high risk and that would mean trawling trustnet or morning star looking for suitable funds that catch your eye but that’s more akin to gambling.  

Marcon

KierNet said:

I didn't realise/pay attention that I was paying into a pension at an old job.  There isn't a huge amount in there.  Currently around £6,000.  I'm paying into a new pension and believe I've left it too late to move my old one across (been here for three and a half years now, believe I could move it across within 12 months).  It's a police pension so although not as good as it once was, its still good.  

What can I do with this other one?  I'm happy to take a lot of risk with it.  Would be nice for it to be able to treat myself to a new car/bike when I turn 55!  (33 currently). 

Or is it worth seeing if I can transfer it across to my current one?

Probably worked to your advantage - if you'd noticed, you might have opted out and missed 'free cash' from your former employer.

Minimum pension age is rising to 57 in 2028 and might well be higher by the time you hit your late 50s, so your 55th birthday present might have to funded by other means!

If you're in the Police 2015 scheme, which seems likely, you are right - the transfer in must be done in the first 12 months.

Check what options you have for investing in the pension which went with your old job, assuming it's a defined contribution pension (?is it - sounds likely from what you say). if it's a defined benefit scheme, and you fancy taking risks, start a SIPP and transfer it to that. You don't need financial advice to do so, but be aware you are giving up guaranteed benefits.

ader42

At your age with a pension as small as this and with your stated risk appetite I would transfer to a SIPP and buy a stock I believed in that you expect to be still around in at least 20 years time. Maybe try immitating Warren Buffet…buy one good company and hold… do not trade.

That’s what I did with a fruity nasdaq stock as soon as pension freedoms allowed me to. Not advice of course.