Should I combine my pensions?

[richatnort]

So at the moment I have 2 pensions from previous employers and am about to join another one at my new job next month. I wouldn't say there is a great deal in both as I was only with the other two companies for about 6 years in total but i keep thinking, should consolidate them both and transfer the funds into a SIPP instead of putting it into the new pension which will be a 10% company contribution if i put 5% but i can also self select where i can move my money around myself.

[JulianPH]

richatnort said:

So at the moment I have 2 pensions from previous employers and am about to join another one at my new job next month. I wouldn't say there is a great deal in both as I was only with the other two companies for about 6 years in total but i keep thinking, should consolidate them both and transfer the funds into a SIPP instead of putting it into the new pension which will be a 10% company contribution if i put 5% but i can also self select where i can move my money around myself.

The first question is are these two occupational pensions Final Salary or Money Purchase?

The new pension is generous and if they offer the two for one match at a greater level (i.e. 20% company contribution for a 10% employee contribution) then I would fill your boots.

If you can self select from a good range of funds in this new company pension there seems little point in paying extra for a SIPP for the other two if you have the option to transfer them into this new scheme.

Cheers


Edited to correct stupid typo that left this making no sense!

Edited by JulianPH on Saturday 7th April 07:40