Combining Pensions

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
3 replies 421 views
76 Posts
Part of the Furniture 10 Posts
I currently have several pensions - one with Scottish Widows, another Standard Life and another with Enhance. In total they add up to around £30k.
My current pension with my employer is through Nest - would the wisest idea be to combine all these into one pension pot with nest. Any advantage or disadvantage to doing this - other than to make life easier that all in one pot.
Hands up - I really dont understand very much about this subject :(
Many thanks -

** btw I am 46


  • MndMnd Forumite
    1.7K Posts
    1,000 Posts Fourth Anniversary Name Dropper
    Nest doesn't always get good reviews on here.
    No.79 save £12k in 2020. Total end May £11610
    Annual target £24000
  • MarconMarcon Forumite
    4.5K Posts
    Fifth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Simplicity has much to commend it, but sometimes it isn't everything. Check the charges on each of your pension funds. How have they been performing in terms of investment returns? Are you making active choices about where you invest, or just going with the default options?

    I don't think many people would recommend using NEST as a consolidation vehicle. It has an unproven track record in terms of administration and the upfront charge for new contributions is a strong deterrent - ditto the lack of choice of investment options.
  • NI_BOBSNI_BOBS Forumite
    76 Posts
    Part of the Furniture 10 Posts
    Thanks both for replies. Maybe best left alone then as relatively small pots.

    Workplace with Nest so really no option there .
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