What to do with pension?

[LosingGrip]

I’ve got a small pension that I didn’t realise i was paying into. Grand total of £8,000 in there. I’m no longer paying anything into it.

And I think it’s too late to transfer it to my current one but need to check.

If it’s too late to move it across can I do anything with it to make it worth more? I’m 32 so a while until I can get to it.

Any advice would be great .

[AlpineWhite]

Assuming it's a defined contribution pension, generally they can be transferred.

In terms of making it worth more, check what it's invested in and consider making a change there.

[mike9009]

Why do you want to move it?

Depends what the investment return and fees are like? Might be worthwhile just leaving it where it is. I have a few pensions which I am leaving where they are, just to diversify a little......

[Carbon Sasquatch]

A pension is just a 'wrapper' - meaning it offers certain advantages (tax), but is subject to certain rules (age you can access it).

Inside the wrapper are investments.

What is important is to understand what those investments are and crucially how much the provider are charging you.

If it''s invested where you want it to be - and the charges are low, then it's fine to leave it alone. Otherwise consider moving to another provider that will charge you less.

The compound effect of both fund performance & charges can be quite considerable between now and when you can access it.

[VR99]

Assuming it's a DC pension, I wouldn't be in a rush to move it yet.
As others stated, it's worth looking into what it's been invested into( i.e: the specific fund(s), investment performance, fees and if there are any other associated benefits attached to the pension. If the current investment is to be changed, what other options do they offer e.g: funds, ETF's etc
At your age I would (just my opinion and based on my risk tolerance) be 100% invested in Equities as you have a decent timeframe to retirement.
I had 2 DC pensions, moved an old one to a Fidelity SIPP as the investment choices weren't great. If I leave my current employer will likely leave that pension as it is for now since the fund selection is decent and fees are reasonable/cheap. I also like the idea of having two platforms should 1 have issues but am 40 so plenty of time to go and can merge the pensions later down the line if needed.