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  • FIRST POST
    • gionnetto
    • By gionnetto 20th Oct 19, 8:06 PM
    • 213Posts
    • 38Thanks
    gionnetto
    Consolidating pension pots or not?
    • #1
    • 20th Oct 19, 8:06 PM
    Consolidating pension pots or not? 20th Oct 19 at 8:06 PM
    Hello,

    I've moved to the UK 2.5 years ago. Since then, I've held two jobs, and therefore have 2 pension pots.

    My questions:
    1) is consolidating them (ie moving the old pot to the new provider) a worthy thing to do?
    2) what should I ponder on when deciding whether to make such move or not?
    3) is moving everything to a SIPP an option to consider?

    Thank you!
    Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
    .
Page 1
    • point5clue
    • By point5clue 20th Oct 19, 10:13 PM
    • 65 Posts
    • 19 Thanks
    point5clue
    • #2
    • 20th Oct 19, 10:13 PM
    • #2
    • 20th Oct 19, 10:13 PM
    Hello,

    My questions:
    1) is consolidating them (ie moving the old pot to the new provider) a worthy thing to do?
    2) what should I ponder on when deciding whether to make such move or not?
    3) is moving everything to a SIPP an option to consider?

    Thank you!
    Originally posted by gionnetto
    My personal opinion is:
    1) is 'it depends'... and or 'not necessarily'
    2) it depends on whether either pension is a good deal or has any specific advantages - Every pension firm will encourage you to consolidate your pensions with them. They somehow manage to make it seem a really good idea without actually saying if it really is a good idea (because they can't possibly know)

    3) - see 1 (way above my skill level to comment on this one in a way that might be helpful)

    I'm only really replying because I regularly meet people who have or are planning to consolidate pensions that because they believe it will save them money, but can't explain how it will do so. Mostly they are colleagues who have been in exactly the same pension funds I have, so I disagree from a position of some actaul knowledge... (My employer moved from a fund with a lower fee to one with a higher fee! - both percentage fees - no fixed cost)
    Last edited by point5clue; 20-10-2019 at 10:15 PM. Reason: edited to clarify no fixed costs, just percentage
    • Marcon
    • By Marcon 20th Oct 19, 10:50 PM
    • 1,363 Posts
    • 1,078 Thanks
    Marcon
    • #3
    • 20th Oct 19, 10:50 PM
    • #3
    • 20th Oct 19, 10:50 PM
    This question keeps coming up. If you look back it has been answered several times in the last few weeks 9and indeed twice today already!), so people may well not bother to answer it again when their replies are so recent.
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