Looking to consolidate my pension funds

blinko

Hi all,

I'm 41 and have 3 different pension pots that I collected over the last 10 years odd. they are as follows

Fidelity life funds FutureWise Target 2045 - Class 7

ISIN number 
GB00BPLKGZ09

£4k

SVS True Potential Balanced 5 Fund

A Accumulation Shares ISIN: 
GB00BGR6VH64

£3k

Scottish Widows UK Equity Pension (Series 2)

ISIN
GB0009380824

£450

Yep a whopping £7,450

Details
I would like to consolidate them in to one fund and one provider (currently they're with 3 separate providers) .

I like the look of vanguard as it looks cheap and does quite well relative to the index, I'm very mindful of the fees over a 20 year period. my tolerance to risk is medium to high 

any recommendations would be gratefully received, thank you

Brie

What pension are you paying into currently?  if it's a work one you might be able to transfer in to that and save something on charges. 

Albermarle

Will you be adding to your new pot in future? If so how? Regular or one off payments?

blinko

Hi

I don't currently pay into one as I run my own business and looking to pay down my mortgage as much as possible

I'm not likely to add to it in the future , potentially I may add one off but I doubt it with regular any spare funds I'd like gift to my daughter 

Marcon

blinko said:

Hi

I don't currently pay into one as I run my own business and looking to pay down my mortgage as much as possible

I'm not likely to add to it in the future , potentially I may add one off but I doubt it with regular any spare funds I'd like gift to my daughter 

What are you going to live on when you stop working?

LHW99

I run my own business

Is it a Limited Co? If so, the company can make payments to your pension, and it comes off any corporation tax due.

xylophone

I don't currently pay into one as I run my own business and looking to pay down my mortgage as much as possible

Do you intend to survive only on State Pension when you retire?

https://www.unbiased.co.uk/discover/tax-business/running-a-business/contributing-to-your-pension-via-a-limited-company-explained

https://www.limitedcompanyhelp.com/paying-into-a-pension-from-your-limited-company/

dunstonh

LHW99 said:

I run my own business

Is it a Limited Co? If so, the company can make payments to your pension, and it comes off any corporation tax due.

Which is important as I believe (only from past comments here) that Vanguard platform doesn't accept company contributions.

blinko

Hi , thanks for your replies, yes it is a ltd company, I'm a higher rate tax payer and looking to pay off my mortgage asap.

Yeah I know it will suck state pension but , I'm very modest I also have inheritance coming from when my mum will die so will be alright in that respect 

But I may consider topping up the pension if I ever hit that 100k plus income to avoid 60% tax (my business grows very slow but quite steady)

DavidT67

dunstonh said:

LHW99 said:

I run my own business

Is it a Limited Co? If so, the company can make payments to your pension, and it comes off any corporation tax due.

Which is important as I believe (only from past comments here) that Vanguard platform doesn't accept company contributions.

Vanguard Investor UK platform will accept payments for the controlling directors of a private limited company after some initial setup steps.  They don't accept employer contributions for non-directors.

https://www.vanguardinvestor.co.uk/what-we-offer/personal-pension/self-employed?query=employer contribution

greatkingrat

As a higher rate taxpayer, you will almost certainly get a much better return long-term by putting money into a pension rather than overpaying the mortgage.

For all you know, your mum might end up in a care home long-term and most of your inheritance could be gone.