Pension Transfer

caeler

I have 3 pension pots, one of which I currently pay into through my work salary sacrifice scheme with Scottish widows (the fund is “portfolio two” with AMC 0.43%). 

I’ve often thought about transferring the two others into the one I’m actively paying into. What should I be considering?  

I have one pension with Aviva, where my serps went and it has a final bonus payable (the fund is “with profit NU” with AMC 0.88% plus a £3.98 monthly plan fee).  I assume this one will be targeting an annuity as I’ve not touched it since it was set up in 2001. 

The other is Scottish widows managed by mercer (the fund is “SW Mercer growth CS5” and whilst I’m not clear on AMC, there is about £7 in monthly charges for trustee services, fund based charge and sell insured fund). 

I’ve downloaded each fund factsheet but I’m not really sure what’s it’s telling me. I’m 20 years+ away from retirement but want to make sure if I move these two it’s going to serve me well. 

Thanks in advance. All observations and thoughts welcome. 

LHW99

If the Aviva one is a with profits, there could be a penalty for transferring before the selected retirement age. It should tell you on the paperwork somewhere  They call it an MVA "market value adjustment" and is there to ensure early leavers don't take an unfair amount of the fund away to the detriment of those who remain. Whether it is imposed or not is up to the company based on their expectations of how the market is / will perform.

Albermarle

Remember that in all these pensions there will be a choice of investment funds.
So in reality it does not matter that much whether it is Aviva, or Scottish widows or whoever. What matters is that the pension(s) are invested in a way that suits your age/risk tolerance/objectives.
Probably you have not chosen any of the current investments and they have defaulted to the default fund.
I would suggest before thinking about transfers ( it is not urgent anyway) you learn a bit more about the basics of investing. Often there is good general info on the pension providers websites. Plus
Investing in stocks for beginners: How to get started – MSE (moneysavingexpert.com)
Plus plenty of stuff on the internet/youtube etc.