Guide or compare consolidating pensions

jimmyjazz1992

Hi all

Does anyone know of a guide or comparison website where I can input requirements etc and compare possible drawdown pensions?

I have a tiny private pot, £25k (I have a bigger Teachers Pension) and I'm looking for a best fit option for my 3 current pensions to move to and draw down from.

he amount is so small that advisors won't bother with it so I guess I'll have to sift through myself. Trouble is I don't want a new hobby so I could do with a plain speak solution if anyone knows of a simple breakdown pension guide or options website?

Cheers

Jimmyjazz 

QrizB

Drawdown pensions are all basically the same; you have a pot of money invested and you withdraw it from the pot over time to spend.

What exactly are you looking to compare?

What pensions do you currently have?

IvanOpinion

If I was in that situation then I would probably look for the cheapest platform and invest in a global equity index fund - but that might better suit a situation where you did not want to drawdown at this point.
Depending on the size of the pots you might be able to use 'small pots' rules to access some of the funds.

As far as drawdown is concerned then, generally speaking, the rules are the same, one of the following
- withdraw 25% tax free with any further withdrawals being taxed at your nominal rate
- 25% of each withdrawal is tax free
There are also other ways to access your money, annuity (probably not worthwhile), withdraw everything (may not be tax efficient) etc.

xylophone

Do you mean that you are currently contributing to TPS (DB) but have three other small DC pensions which you want to consolidate?

Albermarle

Does anyone know of a guide or comparison website where I can input requirements etc and compare possible drawdown pensions?

With many providers there is no specific drawdown pension as such.

You add money to the pension and then at some point, you tell them you want to drawdown from it, and that is what will happen. Its a seamless change.

Some pensions do move you to a new account but not that many AFAIK.

You see a lot of adverts for drawdown pensions, but that is as much marketing blurb as much as anything else.

There is not a comparison site as such but you could have a look at this.

Find the best Pension for you | Boring Money

jimmyjazz1992

QrizB said:

Drawdown pensions are all basically the same; you have a pot of money invested and you withdraw it from the pot over time to spend.

What exactly are you looking to compare?

What pensions do you currently have?

I'm looking for less fees to pay and to compare investments from safe to not so and to decide which is best. I currently have...

Scottish widows, Fidelity and Royal London pensions.

thanks for any advice

jimmyjazz1992

IvanOpinion said:

Depending on the size of the pots you might be able to use 'small pots' rules to access some of the funds.

Hi there and thanks for getting back. Just trying to get my head round the 'small pots' thing. Could you clarify? I have two at 5K and one at 15K.

Many thanks

jimmyjazz1992

xylophone said:

Do you mean that you are currently contributing to TPS (DB) but have three other small DC pensions which you want to consolidate?

Yes that's it.

Albermarle

jimmyjazz1992 said:

QrizB said:

Drawdown pensions are all basically the same; you have a pot of money invested and you withdraw it from the pot over time to spend.

What exactly are you looking to compare?

What pensions do you currently have?

I'm looking for less fees to pay and to compare investments from safe to not so and to decide which is best. I currently have...

Scottish widows, Fidelity and Royal London pensions.

thanks for any advice

You will find that all three of those pensions have a range of investments that you can choose from.
The choice of investments is much more important than whether the Pension provider is Fidelity, RL or SW. They are just administering the pension.

LHW99

Could you transfer them to the TPS into an AVC with Prudential?

https://www.teacherspensions.co.uk/members/faqs/working-life/additional-voluntary-contributions.aspx

https://www.teacherspensions.co.uk/members/working-life/paying-in/increasing-your-pension/additional-voluntary-contributions.aspx