Merging company pensions
Discussion
Difficult to say what's best because there will be some charges for doing this and you'll at least initially lose out on the current capital values. However, the cost to you of dealing with a number of pension providers versus just one in future may be attractive to you.
You can either transfer everything into your employer's current arrangement if such transfers are allowed by that arrangement (speak to your employer) or you could set up an appropriate personal pension arrangement and transfer all the individual amounts into it. It's not possible for me to comment on what is the most appropriate kind of individual arrangement, who is the best provider for you and what investment structure is appropriate to your objectives, etc.
Ideally, in my view, the best way for you to go forward is to appoint an independent financial adviser and see what's recommended, but there's the possible downside being the fee involved versus what you'll actually achieve financially for the advice. I think, too, that DIY is risky.
R.
You can either transfer everything into your employer's current arrangement if such transfers are allowed by that arrangement (speak to your employer) or you could set up an appropriate personal pension arrangement and transfer all the individual amounts into it. It's not possible for me to comment on what is the most appropriate kind of individual arrangement, who is the best provider for you and what investment structure is appropriate to your objectives, etc.
Ideally, in my view, the best way for you to go forward is to appoint an independent financial adviser and see what's recommended, but there's the possible downside being the fee involved versus what you'll actually achieve financially for the advice. I think, too, that DIY is risky.
R.
Firstly find out what the annual fees are in each of the pension schemes. Then find out the tfr fees for each scheme.
Once you have done that it's a simple maths to see which ones are or are not worth while transferring.
Of course you'd also want to consider the performance of each fund so it could be the case that one of te higher fees ones gives a better return even after the higher fees.
For you of course one fund would be easier to deal with ie address change and keeping records of them all.
I have a few defined contributions in addition to quite a number of final salary. I will not change the final salary into one but do need to look into the defined contributions merging. When you move it's so much more correspondance to remember also so much more account detail to hold and when you consider the expected monthly payout it's a lot of hassle to me for not much seperatly.
Once you have done that it's a simple maths to see which ones are or are not worth while transferring.
Of course you'd also want to consider the performance of each fund so it could be the case that one of te higher fees ones gives a better return even after the higher fees.
For you of course one fund would be easier to deal with ie address change and keeping records of them all.
I have a few defined contributions in addition to quite a number of final salary. I will not change the final salary into one but do need to look into the defined contributions merging. When you move it's so much more correspondance to remember also so much more account detail to hold and when you consider the expected monthly payout it's a lot of hassle to me for not much seperatly.
The Leaper said:
Ideally, in my view, the best way for you to go forward is to appoint an independent financial adviser and see what's recommended, but there's the possible downside being the fee involved versus what you'll actually achieve financially for the advice. I think, too, that DIY is risky.
R.
I was in the same situation - I paid an IFA about £150 to get a pension technician to take a look at them.R.
In the end I was advised to leave the dormant ones as they were - mainly due to the transfer charges being a large percentage (in relation to the small amounts in the funds) that wouldn't be offset by a slightly lower management charge.
That said, I still know bugger all about pensions, they seem to be like witchcraft to me
Hopefully they gave me the right advice.
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