Taking Control of Pensions - How?

[Wildfire]

Probably done to death on here and I have done some searching, but having been made redundant and luckily found a new role, I have realised that I have a lot of bitty pensions floating around

My new employer is with NEST and I'd like see what works out best given the other funds I have.

My current fund is managed, via an advisor company, but in the last 2 years getting hold of them has been very hard, so I am disinclined to continue with them.

What is the best way to get a handle on this? An advisor? Does anyone have a recommendation?

[Simpo Two]

From what I read of NEST, customer service is about zero and they make it very difficult to move money out, so I wouldn't give them any more money than you have to.

When you say 'current fund' do you mean with NEST or someone else? And how much £££ roughly is involved?

[LeoSayer]

The best starting place is:

1. Make a list of all your current pensions, ISAs and any other investments. This should include the name of the provider, their fees, the name, values and fees of the investments and any special pension conditions eg. protected lump sums.

2. Make a decision on what you want to be invested in which will be based on your time horizon and ability to withdstand market volatility. Easier said than done but there are plenty of resources on YouTube to help with this along with people on this forum. From what I understand, Nest have limited investment option for example, there is no global equity market-cap weighted index fund.

3. Find an appropriate platform(s) to transfer to an enact the transfers.

If you have trouble with any of the above then it might be worth enlisting the help of an IFA.

[Wildfire]

Simpo Two said:

From what I read of NEST, customer service is about zero and they make it very difficult to move money out, so I wouldn't give them any more money than you have to.

When you say 'current fund' do you mean with NEST or someone else? And how much £££ roughly is involved?

Good to know. Current fund is the pension I have with my current employer with Aviva. Not a huge amount as I was only with the company 2 years before we were all laid off / closed down.

I will admit to being largely ignorant when it come to pensions and I have moved jobs a fair bit, hence I have a few different pots around.

I think I need some sort of service to find them all and then get advice on what to do with them,

Does anyone have a recommendation for an IFA, just not SJP or The Openwork Partnership?

[alscar]

Gov UK website has a tracing Pensions link to use.
Any Pension from your previous workplaces it may also be an idea to get in contact with HR at those places.
Do you not get annual statements from any of the former schemes ?

[Simpo Two]

Wildfire said:

Current fund is the pension I have with my current employer with Aviva. Not a huge amount as I was only with the company 2 years before we were all laid off / closed down.

I would add that to your list of 'old pensions', and consider your 'current fund' the NEST pension as that's what you're paying into now.

Wildfire said:

I will admit to being largely ignorant when it come to pensions and I have moved jobs a fair bit, hence I have a few different pots around.

I think I need some sort of service to find them all and then get advice on what to do with them,

Does anyone have a recommendation for an IFA, just not SJP or The Openwork Partnership?

As said you should be getting some kind of statement. That said, a very small pension I thought I'd cashed in 30 years earlier suddenly popped up under a new name many years later and was worth £6,000!

I asked how much money was involved because that can determine whether you actually need an IFA or not. £30K seems to ring a bell but I may be wrong. At this stage I would concentrate on getting the starting position right so you know what you're dealing with. The complex bit is that there are different kinds of pensions and some are easier to move than others. But you can get that info here without paying an adviser.

Taking control of your finances for the first time is a bit like making a bicycle from parts you find lying about, then deciding how to ride it and where to. Currently you're collecting the parts

[Wildfire]

Thanks. I haven’t started with the new place yet and they don’t start paying into it for 3 months. So I have some time to decide what to do.

I’ll start by sorting out what my different pots are. I think and IFA may be the way to go.

[dalenorth]

I have a really good IFA. Drop me a pm if you’d like her details.

[gr86_driver]

I'm looking for an IFA but finding it difficult. What makes one better than another and how do you make that determination before they are in charge of your money?