Consolidating Pensions

stoopyftm

I had a lot of jobs in the past, temps etc and recently found I started a pension at one of them thats been growing over the years - its a simple question really but what criteria should I be considering for moving it into my current pension, or should I just do it?

Cheers

gm0

The (main) criteria for old pensions and tidying up are in no particular order - just as I thought of them

1. "Small Pots" rules.  (Below the limit - you can tidy these by taking them - when you reach access age) helpful tax rules.  So if planning to extinguish them on access later.  No need to take action. Google.

2. What they cost (drag on growth and investment returns) and whether the offered investment range suits your preferences

3.  Are you in the initial time window at a new job with a new scheme during which transfer in is allowed. Often this is 12 months.  Particularly relevant if you have some old DC pots which you could use to "buy" DB pension - if now in such a scheme and the terms offered appeal to you in terms of purchasing qualifying years for more indexed income.

4.  Admin convenience - for you and - in tragic circumstances - executor/family.  Fewer is simpler

5.  IMPORTANT.   Very old pensions of occupational trust form can have "legacy" features not on sale today. 
Three examples are.  Locked in lower access age.  Locked in >25% TFC.  Locked in guaranteed annuity rate (GAR).  This sort of feature can be meh. (Small pot or 26% instead of 25% TFC is not lifechanging.  But the access age can be convenient. And a GAR can be quite special vs the rates available today.

And of course - statement of your desired nominated beneficiary.  As guidance to trustees.  This needs to be up to date.  It can be sorted but is more problematic if it is not done.  This is not the same as your will. 
These notifications need to match your family circumstances now.  Not decades past.

penners324

If those pension schemes are stakeholder or auto enrollment schemes then most gm0 comment is irrelevant.

Yes you current scheme will have a transfer in option when you login to your account. Use that

stoopyftm

penners324 said:

If those pension schemes are stakeholder or auto enrollment schemes then most gm0 comment is irrelevant.

Yes you current scheme will have a transfer in option when you login to your account. Use that

Yes they are stakeholder and yes my current scheme has a transfer in. I was just wondering if I was about to make a terrible mistake really and should leave it where it was. 

I realise there are economies of scale with charges but they are pretty minor and I realise that from an administration point of view its easier and the comments about beneficiaries. I need to look at how each one is performing too, I cant see their being much difference really as both will be in middling steady funds. I suppose I could look at expected returns of separate and consolidated at retirement age. 

I'll do all of this and end up moving it anyway regardless