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  • FIRST POST
    • Brokebloke
    • By Brokebloke 14th Apr 18, 9:56 AM
    • 6Posts
    • 0Thanks
    Brokebloke
    History of pension policies - what to do?
    • #1
    • 14th Apr 18, 9:56 AM
    History of pension policies - what to do? 14th Apr 18 at 9:56 AM
    Hi,

    I'm 49 and have had a number of different workplace pensions that I've paid into over the years, as I've moved employers for new opportunities. I have a little collection of pensions and paperwork! 6, I think. So And I'm not particularly money-savvy - if I was I'm sure I would have made earlier and wiser decisions with what to do with my pension. But.....we are where we are, as they say! I'm not particularly worried about it, but maybe I should be!

    I'm wondering how best to get a full picture of my pension situation. I don't really understand it at the moment, as there are just too many fragments of pension info for me to join up. Should I seek advice from a Financial Advisor or are there other, better ways? If an FA is my best route, what should I expect to pay for their advice and work to give me a full picture and sensible options going forward?

    Thanks for any advice on this.
    Laugh and the world laughs with you. Smile and you get better service!
Page 1
    • Brynsam
    • By Brynsam 14th Apr 18, 10:05 AM
    • 1,740 Posts
    • 1,276 Thanks
    Brynsam
    • #2
    • 14th Apr 18, 10:05 AM
    • #2
    • 14th Apr 18, 10:05 AM
    The best way to get a full picture of your pension 'situation' is to get up to date valuations from each scheme and find out the charges associated with each (if they are defined benefit/final salary pensions, there will be no explicit member charges, so don't drive yourself nuts looking for them!). If you can't find all the relevant paperwork but can remember who you worked for, use the free tracing service to track down any possible missing pensions: https://www.gov.uk/find-pension-contact-details.

    Then come back to this forum with the details and somebody here will doubtless have some sensible thoughts, based on the value/charges.
    • Brokebloke
    • By Brokebloke 14th Apr 18, 10:08 AM
    • 6 Posts
    • 0 Thanks
    Brokebloke
    • #3
    • 14th Apr 18, 10:08 AM
    • #3
    • 14th Apr 18, 10:08 AM
    Ok, great. That's helpful. Thank you. I think I have all the paperwork, so will make contact to get up-to-date valuations. Much appreciated.
    Laugh and the world laughs with you. Smile and you get better service!
    • TadleyBaggie
    • By TadleyBaggie 14th Apr 18, 10:18 AM
    • 2,978 Posts
    • 2,291 Thanks
    TadleyBaggie
    • #4
    • 14th Apr 18, 10:18 AM
    • #4
    • 14th Apr 18, 10:18 AM
    Something similar to my position a couple of years ago, I was on the verge of retiring and had had several pensions over the years. As I had already used an IFA to get the tax free cash from one pension I contacted him. We had a 1 hour (free) meeting where we discussed my plans going forward. I agreed to pay him something like 1500 to obtain all the pension data and come up with a recommendation for investing and drawdown. I then sat back, let him do the legwork and a few weeks later he returned with a comprehensive plan which I agreed to. To me it was worth the money.
    • Brokebloke
    • By Brokebloke 14th Apr 18, 12:04 PM
    • 6 Posts
    • 0 Thanks
    Brokebloke
    • #5
    • 14th Apr 18, 12:04 PM
    • #5
    • 14th Apr 18, 12:04 PM
    Ok, again thank you. Really helpful. Glad I'm not the only one in that position! Helpful to know the sort of money that is involved if you get in a professional. Much appreciated.
    Laugh and the world laughs with you. Smile and you get better service!
    • tacpot12
    • By tacpot12 14th Apr 18, 2:36 PM
    • 1,670 Posts
    • 1,416 Thanks
    tacpot12
    • #6
    • 14th Apr 18, 2:36 PM
    • #6
    • 14th Apr 18, 2:36 PM
    As TadleyBaggie found, it's quite expensive to get a profession to do this sort of work. The work is pretty easy to do yourself, you just need to be methodical. Make a list of all the pensions you know about, review your working history to see if there are any employers you have worked for where you don't have any pension details, use the free tracing service, and make a note of the address of the trustees/administrators of each scheme and write to them, to get the details of any pension you are entitled to. Make a not of this and the Normal Retirement and Earliest Age at which each pension can be drawn. When the list is complete you will have the data needed to put together a plan as to how and when you will draw on each of these pensions.

    When writing to each pension administrator it will be worthwhile asking them to update your address if they don't have recorded correctly.
    • Brokebloke
    • By Brokebloke 14th Apr 18, 2:42 PM
    • 6 Posts
    • 0 Thanks
    Brokebloke
    • #7
    • 14th Apr 18, 2:42 PM
    • #7
    • 14th Apr 18, 2:42 PM
    Thank you. I appreciate that advice tacpot12, as well. I'm definitely going to contact all the pension companies for that information, and then see what the next step should be. I think there are options to sort of 'merge' your pensions into the latest pension (as you can imagine, I don't really know the right terms) and it would be good to know if that would be a prudent thing to do or not - that's where I think I may need the advice of professionals (or not - don't really know). But I will get all the info together, then seek further advice before making any sort of decisions on the next move.
    Laugh and the world laughs with you. Smile and you get better service!
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