What to do with old pensions 30 January at 3:02PM in Pensions, annuities & retirement planning 4 replies 226 views

Loll78

Hi, please can anyone give me some advice on what to do with pensions from previous jobs. Is it best to leave them alone or can they be added to my current work based pension scheme? I probably have around 4 or 5 (I'll need to track them all down somehow). Thanks very much in advance.

dunstonh

The question lacks the detail to answer.  
There is no 100% rule on this.   If your existing pensions are better than alternatives, then you keep them.  If they are not, then you transfer them.    If they are small defined contribution schemes then often it can be better to consolidate them purely for convenience.  However, without an analysis of each, nobody on an internet site can give you the answer you need without the level of detail you won't want to give out.  Although some pointers and prompts could be given if you give a bit more detail about them.

Marcon

Loll78 said:

Hi, please can anyone give me some advice on what to do with pensions from previous jobs. Is it best to leave them alone or can they be added to my current work based pension scheme? I probably have around 4 or 5 (I'll need to track them all down somehow). Thanks very much in advance.

Try this for starters: https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html

To trace your pensions, try https://www.gov.uk/find-pension-contact-details

Albermarle

It is important that when you find the detail, that you are clear on whether they are Defined Contribution ( DC) or Defined Benefit ( DB ) pensions, as they are totally different.

Pension basics | Help with pension basics | MoneyHelper

gm0

Once you track them down and have a record of companies, amounts (as of now), booklets, funds used, current admin contact, membership numbers - then the need to tidy them up will have been partly dissipated.  Up to date addresses and contact info on file.  

And in flaming capital letters.  Your preferred BENEFICIARIES NOMINATED in case you disappear unexpectedly and trustees need to know your preference as to who to direct money to.

Others have made the very valid point that each scheme - especially older - may have some peculiarities which make it worth holding onto. So there is no yes or no