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Where to start - 3 small old and one on going

Petest
Posts: 1 Newbie
Where should I start reading and researching what to do? I have not contacted an IFA yet, I suppose that should be the first step.
I have 3 old pensions, all with small pots. 2 with the old CIS, one of which has a guaranteed annuity rate. The 3rd is with Standard Life. I have not paid into any of them for between 25 and 35 years. I have a current work pension with Aegon.
My thinking is, why pay 4 management fees, keep the guaranteed annuity one and combine the other 3 in one existing pot, or go the PensionBee route.
I need to dig out some paperwork and look at the fees and performance.
I have 3 old pensions, all with small pots. 2 with the old CIS, one of which has a guaranteed annuity rate. The 3rd is with Standard Life. I have not paid into any of them for between 25 and 35 years. I have a current work pension with Aegon.
My thinking is, why pay 4 management fees, keep the guaranteed annuity one and combine the other 3 in one existing pot, or go the PensionBee route.
I need to dig out some paperwork and look at the fees and performance.
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Comments
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Petest said:Where should I start reading and researching what to do? I have not contacted an IFA yet, I suppose that should be the first step.
I have 3 old pensions, all with small pots. 2 with the old CIS, one of which has a guaranteed annuity rate. The 3rd is with Standard Life. I have not paid into any of them for between 25 and 35 years. I have a current work pension with Aegon.
My thinking is, why pay 4 management fees, keep the guaranteed annuity one and combine the other 3 in one existing pot, or go the PensionBee route.
I need to dig out some paperwork and look at the fees and performance.
It may not matter that you are paying multiple management fees if each is calculated as a percentage of the pot.
Whether you should combine depends on many things - are you still working, do you want to take some out? If they are all old pensions then you might be better off transferring them (not the GAR one) to a modern product that supports your chosen withdrawal method (as some old ones are limited there).
There is a small pots process that allows you to completely withdraw a pot of under £10k without triggering MPAA. You would still pay tax on the taxable 75% of the withdrawn amount - it just wouldn't limit future contributions to ongoing pensions. Is this something you might want/need to do.
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or go the PensionBee route.
There is no specific Pension Bee route. Most providers are very happy to have new customers, and accept transfers in . Pension Bee just have clever marketing that gives the impression they offer some kind of special service.
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