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    • Astraios
    • By Astraios 9th Apr 18, 1:34 PM
    • 8Posts
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    Astraios
    Consoildating two old pensions
    • #1
    • 9th Apr 18, 1:34 PM
    Consoildating two old pensions 9th Apr 18 at 1:34 PM
    Hi, I'm 32 and beginning to seriously think/plan for my retirement - late I know.

    I have gone through my paperwork and I have two old pensions with two high street banks [employer contibutions only]. They are small; 1,701 [diversified growth fund] & 4,072 [80% global equity fund & 20% mixed investment fund].

    My plan is to invest in a SIPP for retirement. I've not decided which broker yet but possible looking at VLS80 and perhaps other funds also to help diversify. I'm a pension newbie so working my way through the minefield!

    My question to the very helpful people of this forum is: would it be wise to leave the high-street pensions where they are or consolidate into a new SIPP?

    TIA
Page 1
    • Astraios
    • By Astraios 9th Apr 18, 1:41 PM
    • 8 Posts
    • 0 Thanks
    Astraios
    • #2
    • 9th Apr 18, 1:41 PM
    • #2
    • 9th Apr 18, 1:41 PM
    I should add that I'm a BRT, self employed sole trader.
    • Dox
    • By Dox 9th Apr 18, 1:51 PM
    • 938 Posts
    • 719 Thanks
    Dox
    • #3
    • 9th Apr 18, 1:51 PM
    • #3
    • 9th Apr 18, 1:51 PM
    Will moving the funds to a SIPP mean lower charges (very unlikely if these are company schemes, possible if they are personal pensions - could be either, so check the paperwork)? If not, are you sure the funds you pick will perform well enough to cover the cost of any extra charges + a higher return?

    You are still pretty young, so there is no need to take a quick decision for relatively moderate savings - it won't make a desperate difference to the outcome if you act now or in a couple of years.
    • dunstonh
    • By dunstonh 9th Apr 18, 1:58 PM
    • 94,539 Posts
    • 62,487 Thanks
    dunstonh
    • #4
    • 9th Apr 18, 1:58 PM
    • #4
    • 9th Apr 18, 1:58 PM
    but possible looking at VLS80 and perhaps other funds also to help diversify.
    VLS80 is a multi-asset fund. It is already diversified. Why do you want to diversify it more? Also, it is built to meet a strategy. Why do you think their strategy is not good enough? If its not good enough then why are you going to buy it in the first place?

    would it be wise to leave the high-street pensions where they are or consolidate into a new SIPP?
    If its better to then yes. If its not then no. We cant tell without information on what you have and what you want.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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