Pension consolidation

[J4CKO]

I have five pensions currently,

One from when I started work at 17/18 in the late eighties that had a few quid put in and I moved jobs, only about 20 grand.

One from my time at Greater Manchester police in the GMPF which I think its pretty good one, final salary, not huge numbers but worth having.

Two from my last job as the company got bought out a year or two before they made me redundant.

And the current one.

Guess the answer is to get a FA involved but would like to simplify it into maybe two, get rid of the small one and the two from my last job, so just end up with the current one and my Police one which has a transfer value but you cant transfer anything in except other local government pensions.

Anyone done this, I am 54 and just want to start getting things tidied up, would hope to retire around sixty, get it whittled down and stack a load more into my current one.

What are the pitfalls, suppose it depends on relative performance of each fund ?

[okgo]

The usual watch out is in the details around access age and penalties I expect.

Beyond that it’s actually a very simple process. Would take about 3 minutes to do it on Vanguard and then a few weeks to go through.

I did around 9 pensions into two SIPP’s on vanguard a few years ago, pretty easy really.

[FriedMarsBar]

I have no clue about the transfer process but I've started looking at it and personally I think I'll want low fees and flexibility from the new provider in terms of drawdown.

I'm going to review costs from the top two below against my existing provider and their approach to flexi draw down.

https://www.which.co.uk/money/pensions-and-retirem...

[dingg]

Investigate if any of them have guarantees attached, may well be worth leaving as is, IF they do, otherwise easy to consolidate

[Craikeybaby]

I did similar recently - and had a thread on it. I ended up going for an ii SIPP, as the fee structure worked out better for me than Vanguard, even though it is mainly invested in a Vanguard fund.