Pension Advice

Screenager

I have had a few agency and temp jobs over the years so have a few small pensions ranging from a couple of hundred to a couple of thousand. I also have a bigger civil service one after 15 years service. Trying to remember all the little ones is a pain, is it worth combining all the little ones just to keep them together. I’m 46 and not really thinking about pension age as I expect I either won’t reach it or they’ll only push it back further anyway. 

kimwp

Remember you can access private pensions about ten years before state pension, so that's only about ten years from now for you.

Are your pensions DB or DC? If DC are there any penalties/ loss of advantage eg protected age if you combine them?

kimwp

Also, you could just write them down somewhere instead of trying to remember them. There is a small pots rule, which could be advantageous.

GrumpyDil

Incidentally the pensions dashboard is supposed to be coming on line next year which will, in theory, make it easier to manage multiple pensions.

LHW99

If you do plan to combine them, work out what fees you are paying on each (may not be the same as the factsheets say as employers can and do negotiate discounts).

Then look at where they are invested, and what choice of investments you have, as well as if there are guarantees.

May need a phone call to check.

One of the pensions may then be preferred as a place to consolidate into, rather than starting anything new and moving them all.

Or you could choose two, and just reduce the total number you have.

dunstonh

Trying to remember all the little ones is a pain, is it worth combining all the little ones just to keep them together.

If the justification is good, then yes, it can be worth it.

. I’m 46 and not really thinking about pension age as I expect I either won’t reach it or they’ll only push it back further anyway. 

There is no pension age in the UK.    You can retire when you look.  Which usually means when you can afford to.

Even scheme ages dont necessarily mean you have to wait until them.

cloud_dog

GrumpyDil said:

Incidentally the pensions dashboard is supposed to be coming on line next year which will, in theory, make it easier to manage multiple pensions.

🤣🤣🤣🤣. Nice one centurion. 

The dashboard site gets updates annually with another new, projected date.  I started monitoring it back in 2015 (if my memory still works).

Albermarle

Screenager said:

I have had a few agency and temp jobs over the years so have a few small pensions ranging from a couple of hundred to a couple of thousand. I also have a bigger civil service one after 15 years service. Trying to remember all the little ones is a pain, is it worth combining all the little ones just to keep them together. I’m 46 and not really thinking about pension age as I expect I either won’t reach it or they’ll only push it back further anyway. 

Have you some kind of life limiting illness?
If not then you are very likely to reach the state pension age, even if it is 70 by then.
People often underestimate their life expectancy. You will have about a 50% chance of reaching your mid eighties, and a 25% chance of reaching 90. 
Otherwise as said it is probably better to reduce the number of pensions you have. It is actually quite easy online to transfer most pensions.

QrizB

Not wanting to dogpile, but ...

Screenager said:

I’m 46 and not really thinking about pension age ...

I'm about a decade older than you. I'm planning to retire next year.

46 might be a good time to start thinking about pensions and retirement. By the time you're 57 (minimum age for claiming a pension) you'll have 26 years in your Civil Service pension. Depending on your wider financial situation, you might also be ready to retire. Even if you're not, you'll be close enough that it'll be on the horizon.

DRS1

Isn't the government talking about introducing the compulsory consolidation of very small pensions?  It sounds like the OP's pensions might be candidates for that sort of thing.  In which case they may want to have a think about what they would prefer to do rather than have something foisted on them.

dunstonh

DRS1 said:

Isn't the government talking about introducing the compulsory consolidation of very small pensions?  It sounds like the OP's pensions might be candidates for that sort of thing.  In which case they may want to have a think about what they would prefer to do rather than have something foisted on them.

Only auto-enrolment schemes worth £1000 or less.  The current proposal is from 2030.  It is said that it will rely on the data platform used for the pensions dashboard.    So, 2030 may be ambitious going by that track record !!