Pension recommendations

DollyD123

Hi everyone!

I'm currently deciding what to do about my pension, and I'm a bit stuck.

I have 2 small-ish pension pots from former employers which I'm no longer paying into (I became self-employed in 2019). Combined, these pension pots amount to just under £5,000.

I'm 30 this year and now have around £30,000 I'd like to invest as part of my pension, but unsure where to put it. I'm wondering whether I should consolidate everything into one place so that it's easier to manage, or if I should keep the pensions separate to avoid transfer charges.

Any advice would be greatly appreciated!

Phoenix72

Do you sufficient net relevant earnings to make a £30,000 contribution in 1 year?

dunstonh

I'm 30 this year and now have around £30,000 I'd like to invest as part of my pension, but unsure where to put it. I'm wondering whether I should consolidate everything into one place so that it's easier to manage, or if I should keep the pensions separate to avoid transfer charges.

Consolidating into a new plan could be viable but one of your existing plans could be viable too.  You would need to do an analysis of them.

When you say self employed, do you mean sole trader, partnership or limited company structures?  (it makes a difference)

DollyD123

Phoenix72 said:

Do you sufficient net relevant earnings to make a £30,000 contribution in 1 year?

Probably not in 1 year, no – this amount is from a few years of saving since buying my first home

DollyD123

dunstonh said:

I'm 30 this year and now have around £30,000 I'd like to invest as part of my pension, but unsure where to put it. I'm wondering whether I should consolidate everything into one place so that it's easier to manage, or if I should keep the pensions separate to avoid transfer charges.

Consolidating into a new plan could be viable but one of your existing plans could be viable too.  You would need to do an analysis of them.

When you say self employed, do you mean sole trader, partnership or limited company structures?  (it makes a difference)

Thanks – I'm going to check what the fees are for moving the funds and then decide.

I'm a sole trader

MallyGirl

there generally isn't a fee for transferring a pension to a different provider

Albermarle

DollyD123 said:

dunstonh said:

I'm 30 this year and now have around £30,000 I'd like to invest as part of my pension, but unsure where to put it. I'm wondering whether I should consolidate everything into one place so that it's easier to manage, or if I should keep the pensions separate to avoid transfer charges.

Consolidating into a new plan could be viable but one of your existing plans could be viable too.  You would need to do an analysis of them.

When you say self employed, do you mean sole trader, partnership or limited company structures?  (it makes a difference)

Thanks – I'm going to check what the fees are for moving the funds and then decide.

I'm a sole trader

Normally there are no fees for transferring anymore. PLus it is very easy to do online.
The tricky bit is deciding on what to invest in within the pension. 

xylophone

Normally there are no fees for transferring anymore.

Let's hope there are no nasty shocks....

https://forums.moneysavingexpert.com/discussion/6525272/transferring-an-old-pension