They sounds like SIPPs ie just cash pots with your name on, in which case you can just consolidate them yourself, just fill in one form per SIPP. Picking a handful of funds to invest in based on your risk profile is pretty straight forward, you could crowd source the set on STW....
£5k seems very steep for that (IMO).
Pop Larkin, sounds like all your pensions are defined contribution or DC pots. The level of research and time to advise on this type of pension is vastly less than defined benefit pensions (DB). Unlike DB pensions over £30k, there is no statutory requirement to seek advice and if you are financially savvy, you could consolidate these yourself for no charge. However, you indicated you are not so advice would be recommended.
£5k sounds rich for this type of advice,I would suggest half that would be more reasonable.
In relation to ongoing charges, you have no obligation to take this service and you've got to challenge the IFA what you are getting for your 1% a year to make this value for money; roughly £250 a month is a lot for potentially a short report saying your funds are doing well 😉
In your situation I would transfer out in a heartbeat.
To be blunt, if it all goes tits up for you, your family get the lot , free of inheritance tax.
It also gives you the freedom to spend more sooner and be far more flexible.
Thats not strictly true brads, if you die within 2 years of transfer HMRC can treat the transferred sum as part of your estate for IHT purposes.
@juanking, the first part of the transfer process is 'triage', this is basically an impartial education on the potential benefits, drawbacks and risks of pension transfer. Most firms offer this service free of charge and it is intended to help you decide whether transfer may meet your objectives before engaging in the expensive advice process.
Thanks boys. Even though this is 7 years away it's at the forefront of my mind as we are all currently under consultation in work and if I were made redundant I'm toying with the idea of doing something fun instead of working.
I would have adequate funds to clear mortgage and see us to 55 but of course this would only be possible if I have sufficient provision for retirement.
I too am in Scotland, sounds like we could do a collective consultation!
Apologies for the delay but thanks footflaps and bigdugsbaws
