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Help point me in the right direction - possible pension amalgamation

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  • Albermarle
    Albermarle Posts: 28,980 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    What should I be looking out for when trying to amalgamate my current 5 pensions into one? 
    Current pensions are with Scottish widows and legal & general, these were the pensions i had when i was employed. 

    I'm now self employed and haven't contributed into either of these accounts in years.
    It is not good practice to tag on to other peoples threads with completely new questions. It can cause confusion.
    Just a lot easier to start your own thread from scratch.
  • dunstonh
    dunstonh Posts: 120,198 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    What should I be looking out for when trying to amalgamate my current 5 pensions into one? 
    In no particular order...
    if they have safeguarded benefits or valuable contract terms that may not safeguarded benefits
    charges
    investment options
    functionality that you consider important (e.q. quality of the software and reporting, if you are close to retirement whether they offer drawdown etc);
    some schemes may not accept transfers from others if you are not an active member
    often its better to introduce a new scheme and transfer the others to that.  i.e. a new modern scheme could be better than the existing 5.   However, sometimes you may have an absolute gem of a scheme that is worth keeping and will accept transfers to that.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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