Consolidating Pensions - Best Option and other plans

jimmyjazz1992

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

Dazed_and_C0nfused

Where will you be living after selling your house?

jimmyjazz1992

Dazed_and_C0nfused said:

Where will you be living after selling your house?

Small house.

Marcon

jimmyjazz1992 said:

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.