Consolidating old pensions - SIPP?
Discussion
Edit: Just spotted a SIPP post similar to mine posted yesterday, so I'll read through that also. Sods law and all that
I have numerous pensions from previous jobs, and they're spread across multiple providers. Probably only £60k all together as they are from when I was an apprentice and in my early career and I was earning f
k all 
I'm looking to bring these all into one place, and I'm thinking that a SIPP would be the best place for this?
I'm currently in a workplace pension with an employer match (Scottish Widows), which I won't be touching. I'll keep paying into that as normal.
I wouldn't be regularly paying into the SIPP. Essentially I'm looking to chuck the £60k in, put it into an All-World ETF, and leave it. I'm 31 so as I got closer to retirement I'd put it into less risky stuff.
I'm aware I could move all these separate pensions into an actual pension provider and have them manage it, but even their higher risk funds seem fairly safe. I have time on my side, hence wanting to put it simply into an all-world ETF and just let it (hopefully) grow over the long term without any more contributions going in.
Hopefully that makes sense - Does that sound a sensible approach?
Long overdue getting these things sorted so any advice is welcome. Thank you
I have numerous pensions from previous jobs, and they're spread across multiple providers. Probably only £60k all together as they are from when I was an apprentice and in my early career and I was earning f
k all I'm looking to bring these all into one place, and I'm thinking that a SIPP would be the best place for this?
I'm currently in a workplace pension with an employer match (Scottish Widows), which I won't be touching. I'll keep paying into that as normal.
I wouldn't be regularly paying into the SIPP. Essentially I'm looking to chuck the £60k in, put it into an All-World ETF, and leave it. I'm 31 so as I got closer to retirement I'd put it into less risky stuff.
I'm aware I could move all these separate pensions into an actual pension provider and have them manage it, but even their higher risk funds seem fairly safe. I have time on my side, hence wanting to put it simply into an all-world ETF and just let it (hopefully) grow over the long term without any more contributions going in.
Hopefully that makes sense - Does that sound a sensible approach?
Long overdue getting these things sorted so any advice is welcome. Thank you
Edited by Sycamore on Wednesday 7th January 09:46
Sycamore said:
Edit: Just spotted a SIPP post similar to mine posted yesterday, so I'll read through that also. Sods law and all that
I have numerous pensions from previous jobs, and they're spread across multiple providers. Probably only £60k all together as they are from when I was an apprentice and in my early career and I was earning fk all
I'm looking to bring these all into one place, and I'm thinking that a SIPP would be the best place for this?
I'm currently in a workplace pension with an employer match (Scottish Widows), which I won't be touching. I'll keep paying into that as normal.
I wouldn't be regularly paying into the SIPP. Essentially I'm looking to chuck the £60k in, put it into an All-World ETF, and leave it. I'm 31 so as I got closer to retirement I'd put it into less risky stuff.
I'm aware I could move all these separate pensions into an actual pension provider and have them manage it, but even their higher risk funds seem fairly safe. I have time on my side, hence wanting to put it simply into an all-world ETF and just let it (hopefully) grow over the long term without any more contributions going in.
Hopefully that makes sense - Does that sound a sensible approach?
Long overdue getting these things sorted so any advice is welcome. Thank you
At 31, you are not long overdue, but actually ahead of most in thinking about these kind of things! I have numerous pensions from previous jobs, and they're spread across multiple providers. Probably only £60k all together as they are from when I was an apprentice and in my early career and I was earning f
k all I'm looking to bring these all into one place, and I'm thinking that a SIPP would be the best place for this?
I'm currently in a workplace pension with an employer match (Scottish Widows), which I won't be touching. I'll keep paying into that as normal.
I wouldn't be regularly paying into the SIPP. Essentially I'm looking to chuck the £60k in, put it into an All-World ETF, and leave it. I'm 31 so as I got closer to retirement I'd put it into less risky stuff.
I'm aware I could move all these separate pensions into an actual pension provider and have them manage it, but even their higher risk funds seem fairly safe. I have time on my side, hence wanting to put it simply into an all-world ETF and just let it (hopefully) grow over the long term without any more contributions going in.
Hopefully that makes sense - Does that sound a sensible approach?
Long overdue getting these things sorted so any advice is welcome. Thank you
Edited by Sycamore on Wednesday 7th January 09:46
I've consolidated a few of mine over the years - mostly where the fees are too high and fund options to narrow in some of my old employer schemes.
As I can, I've moved these out of the work scheme and into my own SIPP. I've gone for a self-managed Vanguard (other platforms also available) pot where I can choose the funds and fees that I think work best for me.
The fees are sigificantly lower than the schemes that they were in previously and the Vanguard platform gives me the fund choices that I am happy with at the fee level I am OK with.
I don't regularly pay into the SIPP, but I do occasionally dump an amount in if I want to reduce my annual tax bill etc.
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