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Consolidating multiple pensions- do I need to pay for advice?
redfraggle56
Posts: 1 Newbie
Hello, having had a portfolio career- I have multiple pensions from a variety of providers including Teachers Pension and Nest, as well as Scottish Widows and Standard Life, amongst others.
Would it be to may advantage to consolidate these and if so, am I best paying for advice?
Would it be to may advantage to consolidate these and if so, am I best paying for advice?
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Comments
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Would it be to may advantage to consolidate these and if so, am I best paying for advice?The choice is between DIY and IFA (disregard FAs). If you can DIY well, then you can save money. If you DIY badly, it can be a costly mistake. It mirrors any task in life where you either DIY or pay to get someone to do it for you.You would disregard the TPS as an option for transferring out but it could be an option for transferring in if you have recently joined.
I have multiple pensions from a variety of providers including Teachers Pension and Nest, as well as Scottish Widows and Standard Life, amongst others.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You could only transfer your TPS benefits to another defined benefit scheme - hence the comment above.dunstonh said:You would disregard the TPS as an option for transferring out but it could be an option for transferring in if you have recently joined.
If you are currently a TPS member and want to transfer in benefits from one or more of your other schemes, you can only do so if you complete the transfer in process within 12 months of joining (or re-joining) TPS.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
If you want to consolidate any Defined Contribution ( DC ) pensions you have ( which is probably most of them - but not the TPS) then this is reasonably easy to do yourself without any cost. You could consolidate into an existing one, or a completely new one. You would need to research charges etc.
However you would have to decide which investment funds to pick for the new pension, although most have a range of ready made funds to choose from for inexperienced investors.
Some people prefer to employ an IFA to do this for them, but of course there is a cost for that and it depends if the amounts involved are enough for an IFA to be interested.
In case it helps this explains what a DC pension is.
Defined contribution pension schemes | MoneyHelper
The TPS is a Defined Benefit ( DB scheme)
Defined benefit pensions | MoneyHelper0
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