Consolidating Pensions - Best Option and other plans

Hi all

I hope to retire at 59 (and half) with a small Teachers Pension (£8,000 per year) and TP lump sum of around £25,000.

I also have 3 small workplace pots which I should consolidate totalling £25,000. So I am looking for which to choose out of the 3 providers?

Scottish Widows
Fidelity
Royal London

I aim to receive £1,500 per month for a 5 year period from the following:

TP = £665 per month
Drawdown from workplace pots as well as TP lump sum = £835 per month.

After 5 years I sell the house to tie me over until state pension kicks in.

Not a lot. So if anyone has better ideas I would be very grateful.

Many thanks

Jimmy Jazz


Comments

  • Where will you be living after selling your house?
  • Where will you be living after selling your house?
    Small house.
  • Marcon
    Marcon Posts: 10,670 Forumite
    First Post First Anniversary Name Dropper Combo Breaker
    edited 22 February at 10:44PM
    Hi all

    I hope to retire at 59 (and half) with a small Teachers Pension (£8,000 per year) and TP lump sum of around £25,000.

    I also have 3 small workplace pots which I should consolidate totalling £25,000. So I am looking for which to choose out of the 3 providers?

    Scottish Widows
    Fidelity
    Royal London




    Not necessarily any of them, especially if they are old contracts. 

    Start by checking if they offer flexible drawdown, and then compare investment options/charges, in particular charges for accessing your pot as and when you choose. Other providers may offer cheaper options and better quality online access - and of course you need to pick one which details direct with retail customers rather than requiring you to use an intermediary (adviser).

    Depends what your priorities are.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
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