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Consolidate Work Place Pensions

Hi
I'm new to understanding pensions, so any advice would be appreciated.
I work on a freelance basis, on short term contracts.
Over the last 18months I have started to opt in to a work place pension.
So far my pensions are spread across 3 providers. These contracts have now ended and I no longer pay into these funds.
People's Pension - £3325
Now Pension - £1015
Scottish Widows - £40
Would it be a good idea to consolidate them to help keep things simple and reduce fee's?
If so, should I transfer them into one of the providers I already have or open a SIPP with a new provider?
Many Thanks
Brightspark

Comments

  • Albermarle
    Albermarle Posts: 25,968 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    For such amounts, and the fact that probably you will end up with more as you go along, then some consolidation is a good idea if only just to keep track of them all.
    Whilst the amounts remain modest, it probably does not matter too much which way you do it.
    More important is that within the pension you choose to consolidate into, that the money is in the right type of investment.
    In simple terms if you are some way from retiring, then you are probably best in a higher risk/higher growth type fund.
  • dunstonh
    dunstonh Posts: 118,574 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Would it be a good idea to consolidate them to help keep things simple and reduce fee's?
    It is unlikely to reduce fees e.g. 10 pensions at 0.50% is the same cost as one pension at 0.50%.   However, with such small amounts, it would make it less likely you will forget about them.

    What a lot of people who are frequent movers do is keep one individual pension and the current workplace pension. Then each time they leave, they move the old employer scheme to the individual pension.

    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.
  • Thank you Albermarle & dunstonh for your advice
  • ewaste
    ewaste Posts: 285 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    edited 19 August 2023 pm31 1:54PM
    Important to note that if you were a member of the People's Pension before 4 November 2021 – you have a protected pension age of 55. 

    https://thepeoplespension.co.uk/minimum-pension-age-change/


    We don't know your Age but I'm assuming you're young enough to be impacted by changes to the National Minimum Pension Age. That protection extends to any other pensions transferred into the People's Pensions and also to any further contributions. They allow personal direct debit or lump sum contributions on a Relief at Source basis even if you are no longer at the workplace that made use of their services for Auto-enrolment.
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