Single or multiple pension pots?
Discussion
Hi, I've changed jobs several times over the years so have several group company pension pots of between 7k. - 30k. Should I leave them as they are and 'spread the risk' on what they might return or transfer them all into a single pension? I'm 46 by the way if that makes any differnce.
wormus said:
Hi, I've changed jobs several times over the years so have several group company pension pots of between 7k. - 30k. Should I leave them as they are and 'spread the risk' on what they might return or transfer them all into a single pension? I'm 46 by the way if that makes any differnce.
The risk is in what they are invested in!(Assuming they are fairly standard products with no guarantees etc).
You could transfer them into one pot (with the lowest charges) for convenience then invest across a diversified range of investments within that pot!
One of these days I'll get around to taking my own advice!
Edited by sidicks on Thursday 28th September 08:29
Impossible to say from the info you provide.
Each pension will have differing charging structures, differing benefits available, defined benefits, defined contributions, different investment strategies underlying, GARs etc etc.
You need someone to look at them all in detail and then make an assessment given your aims. That will cost you some money.
It could make sense, but some of them it may be more prudent to leave as they are.
Get professional advice.
Each pension will have differing charging structures, differing benefits available, defined benefits, defined contributions, different investment strategies underlying, GARs etc etc.
You need someone to look at them all in detail and then make an assessment given your aims. That will cost you some money.
It could make sense, but some of them it may be more prudent to leave as they are.
Get professional advice.
I shifted a previous pension into my current companies one mainly because the charges were significantly lower due to the buying power of a large multinational so my investment isn't getting eaten away as much in charges.
But as others have said you need to understand the implications. A good IFA should be able to figure it out for you if you can't.
But as others have said you need to understand the implications. A good IFA should be able to figure it out for you if you can't.
ellroy said:
Impossible to say from the info you provide.
Each pension will have differing charging structures, differing benefits available, defined benefits, defined contributions, different investment strategies underlying, GARs etc etc.
You need someone to look at them all in detail and then make an assessment given your aims. That will cost you some money.
It could make sense, but some of them it may be more prudent to leave as they are.
Get professional advice.
Agreed, whilst it may cost some money to get the advice, there will likely be cost savings available through consolidation and an opportunity to ensure your investments are diversified and aligned with your attitude to risk. Good advice would likely pay for itself over the long-term.Each pension will have differing charging structures, differing benefits available, defined benefits, defined contributions, different investment strategies underlying, GARs etc etc.
You need someone to look at them all in detail and then make an assessment given your aims. That will cost you some money.
It could make sense, but some of them it may be more prudent to leave as they are.
Get professional advice.
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