multiple pensions - merge?
Discussion
You'd need to provide a lot more information to be able to work that out.
How are they performing relative to your existing company pension scheme? Better or worse?
Are there any valuable benefits you would lose? GMP/annuity rate/Spousal/Death/terminal bonus etc
Are there any costs to transferring?
Why would you have to transfer them to a company scheme? Is it performing brilliantly? Maybe transfer them to a SIPP?
How are they performing relative to your existing company pension scheme? Better or worse?
Are there any valuable benefits you would lose? GMP/annuity rate/Spousal/Death/terminal bonus etc
Are there any costs to transferring?
Why would you have to transfer them to a company scheme? Is it performing brilliantly? Maybe transfer them to a SIPP?
Possibly, possibly not.
As has been said there's not enough info to make even a cursory judgement.
It could save you admin and could save you costs, but it could lose you many benefits and cost a fortune. Take your details and speak to a non contingent fee based IFA who can give you at least some guidance on an impartial basis.
As has been said there's not enough info to make even a cursory judgement.
It could save you admin and could save you costs, but it could lose you many benefits and cost a fortune. Take your details and speak to a non contingent fee based IFA who can give you at least some guidance on an impartial basis.
Are they Defined Benefit (Final Salary) schemes or Defined Contribution (Money Purchase) schemes?
Do they have any valuable benefits/guarantees, if any, what are the charges and performance (as Mr Pointy - hello mate!
- has already highlighted)?
What is the reason for looking at consolidation?
The more info you can give the better the answers will be!
Do they have any valuable benefits/guarantees, if any, what are the charges and performance (as Mr Pointy - hello mate!
- has already highlighted)?What is the reason for looking at consolidation?
The more info you can give the better the answers will be!
As mentioned it's in the detail.
When we as a company got bought out by a bigger firm our current defined contribution scheme was frozen though we could carry on making our own contributions if we wished. We were then enrolled into the bigger firm's scheme with their own defined contributions. As it happened because we now working for a much bigger firm with better buying power the management fees on their scheme were significantly less than the old one so it made sense to transfer the old one in which I did. The default funding spread also seems to perform better than what I was getting in the old scheme though both have the option of customising as to where your money is invested.
When we as a company got bought out by a bigger firm our current defined contribution scheme was frozen though we could carry on making our own contributions if we wished. We were then enrolled into the bigger firm's scheme with their own defined contributions. As it happened because we now working for a much bigger firm with better buying power the management fees on their scheme were significantly less than the old one so it made sense to transfer the old one in which I did. The default funding spread also seems to perform better than what I was getting in the old scheme though both have the option of customising as to where your money is invested.
Wise words indeed, mucker, wise words indeed.
JulianPH said:
Are they Defined Benefit (Final Salary) schemes or Defined Contribution (Money Purchase) schemes?
Do they have any valuable benefits/guarantees, if any, what are the charges and performance (as Mr Pointy - hello mate! - has already highlighted)?
What is the reason for looking at consolidation?
The more info you can give the better the answers will be!
Do they have any valuable benefits/guarantees, if any, what are the charges and performance (as Mr Pointy - hello mate!
- has already highlighted)?What is the reason for looking at consolidation?
The more info you can give the better the answers will be!
essayer said:
Out of interest I have a SIPP and a pension funded by my employer. If/when I leave one day can I transfer the employer pension into the SIPP?
Probably, although if it's a Civil Service/military/teaching/NHS pension maybe not? Also if it's a Defined Benefit pension you might struggle to find someone to accept it & it will need expensive advice.Gassing Station | Finance | Top of Page | What's New | My Stuff