What pension - arrrr

dark_stranger

I have recently started contracting as an IT consultant & previously I have had several jobs where I paid into a company pension. As I am now contracting I need to sort out a pension for myself, but am completely lost as to what types are available and what would be the best one for me. Is there anywhere i can read about pensions in layman terms to help me understand. Also, is it better to transfer my old employer pensions into the new pension I plan to start up of should i leave them where they are. Sorry if i am a little vague, but i know nothing about pensions.
Thanks in advance,

dunstonh

Doing it yourself is fine if you know what you are doing but if you don't know anything about pensions to begin with, even if you read up on it, you will still only know generic information. If you need advice, seek it from an independent financial advisor.

Sure, you can do things yourself but many personal/stakeholder pensions will not accept occupational pension transfers without getting it from an advisor. Depending on the scheme(s) it may or may not be worth transferring it. You may also be eligible for an executive personal pension depending on how you have set yourself up.

crossleydd42

Be very careful about transferring pensions. You need to discover that the benefits of the new are as good as the old one.

Get professional advice from and IFA who is paid direct by you and not remunerated (and therefore biased) by commission. Pensions are too important to mess with by an amateur or partial advisor.