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Where to start - 3 small old and one on going

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. 

Comments

  • MallyGirl
    MallyGirl Posts: 7,093 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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. 
    This is probably not IFA territory. Why do you feel you need to do anything? How old are you?

    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 You would still pay tax on the taxable 75% of the withdrawn amount - it just wouldn't limit future contributions to ongoing pensions.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.

    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • Albermarle
    Albermarle Posts: 26,023 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    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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