Pension consolidation - Nest

quibba_550

I have £10K in a Nest pension as well as more funds in Scottish Widows & Aegon Retiready ones.

I’m considering consolidating so transferring Nest to either of these as Nest seems to get poor press, especially taking 1.8% on contributions (which doesn’t apply for now).
This would be paid across as cash.
Is now a good time to do this or keep pensions separate or wait til value grows & financial investments are more stable?

I’m 51, married, not currently in paid employment as in family caring role, as I have predominantly been & hence have rather neglected pension payments over many years so my combined pension pot is low although I have more in ISAs & inheritance fortunately.

I have paid £2,880 into Aegon pension this year as that’s all I can pay in without employment. Am I best continuing to do this annually or open a SIPP instead?

dunstonh

Is now a good time to do this or keep pensions separate or wait til value grows & financial investments are more stable?

Without knowing what you are invested in and what you will be investing in is the first problem.    The second problem is why would you wait for an improvement in the old plan if you think the new one is better.   Third is that we don't have a crystal ball.   

I have paid £2,880 into Aegon pension this year as that’s all I can pay in without employment. Am I best continuing to do this annually or open a SIPP instead?

We don't know anything about your Aegon pension and know nothing about the hypothetical SIPP.   So, we cannot tell what is best.

Details are important.

LHW99

Whatever pension company you have (Nest, SW, Aegon, SIPP platform) it's the funds you have in that make the most difference to how it grows. Charges will make a difference, but for workplace pensions (I assume these are) it will be a second order difference.

Nest's 1.8% on contributions is a pity, but I believe the ongoing isn't too bad for these types of schemes.

Have you checked to see what the charges are on SW and Aegon? Sometimes companies negotiate discounts on the advertised charges, and sometimes that discount continues even when you leave the company. Also worth checking what the funds are that you are invested in in eachone - people here will comment if you put the names up.

Have you checked (and read all of) your state pension forecast? It's unlikely you will need exactly 35 years which is often quoted, as those of us retiring after 2016 will be in a transition period, and could need anything from ~28 to as much as 50 years contributions for a full NSP.