Just as above really. Started a new job and it’s (hopefully) long, long term this time. Pension scheme is awesome so I’m just wondering how I go about putting all my previous pensions (I have 2 others) all into the one scheme? If nothing else, it stops me paying 3 x annual management fees.

Ta.

My BIL is working on it at scottish widows. There will need to be some sort of consolidation scheme. It’s freelancers nightmare, I get a new one all the time from different employers.

Money advice site might have some tips. I moved one ages ago and it was a faff mostly created by the company. Wrote various letters asking and filled in forms and it eventually got done.

The faff was created because each pension will have benefits even while you are not drawing on them. So they wanted to deal with an Family. At the time I didn’t have one and wasn’t going to pay one to tell me it was OK to move £3000 in my twenties.

Best bet is to phone and write there is probably a form to fill in. I thought the government had mad it easier. Like moving an isa.

Who do I phone/write to? Each individual pension company, or my new company’s payroll dept?

Get some independent advice.

You will be charged for the advice.

You will be charged to move funds.

Some company pensions will keep the contributions they have put in, so killing the value.

And if these are defined benefit pensions, you will never find any current scheme (defined contribution) that will give the same return, so it’s unlikely to be a good idea.

Good luck!

Whenever I’ve asked an expert about this I’ve always been told it’s better to leave them where they are.

Check/compare the costs of the mgmt fees from each provider, they are usually % (but you often get a reduction with higer amounts in funds)

Understand what your new scheme does with transferred money/understand its fees.

Compare the annual returns of all schemes(against each other and against mkt average) [and go back quite a few years]

Note good advice above about type of pension – ie don’t transfer if DB (Defined Benefit/final salary)

Check/undersatnd the costs of transfer ESP if you involve someone else

And – do a google on Equitable Life – all eggs one basket …….

It isn’t necessarily a good idea to have just one pension provider, what if they perform poorly ? Cliche of all your eggs in one basket. I would suggest you have 2

As per above you will be charged to transfer so take that into account, also management fees are a percentage so you won’t necessarily save money on fees. Write to the pension companies and ask for “Transfer Value”

As for asking for advice yes you can do this but if you understand your current plans (and my guess is they will be fairly standard money purchase plans) then you don’t necessarily need this advice as you won’t be loosing “unique” benefits (which would be more likely if you where older and had defined benefit schemes)

I’ve merged a lot of mine – just did it myself, very simple – fill in a form with the new company and they request the fund from the old provider and it gets transferred for you.

It isn’t necessarily a good idea to have just one pension provider, what if they perform poorly ? Cliche of all your eggs in one basket. I would suggest you have 2

A single pension won’t be invested in a single fund, so you can have diversity within a single pension.

I’ve done it too and it should just be a matter of filling in a few forms. First thing to do is to write to your knew pension provider and take it from there.

There are a few caveats though. First of all if any of your pensions are defined benefit (I have a couple) then leave them where they are. They might not be worth a lot but what you will get if you transfer into a defined contribution scheme will be less. There are also some pensions that have some sort of guaranteed annuity rate so think carefully before you transfer but these aren’t that common.

The transfer value should be basically the entire size of your pension pot. I certainly don’t remember being charged anything when I merged some of my pots.

If money purchase the answer is to move all old pensions to a SIPP. The provider will do all the moving for you.

For final salary best to leave as is I’m sure.

All my moves were charge free.

If you’re worried about consolidating pensions, post Maxwell, all pensions are effectively underwritten by the Government with the pension rescue scheme which means you get 90% back if it all folds.

I’ve merged a lot of mine – just did it myself, very simple – fill in a form with the new company and they request the fund from the old provider and it gets transferred for you.

My experience is that in the past it was easy, now (and for the last few years) it is a nightmare. I’ve been trying to move one (only worked there 15 months so either I get it transferred or they send my a cheque) for the past year.

The laws mean that the one you move it too has to prove that they are offering the same/better benefits, and it’s not as easy as it sounds.

And tbh, if you don’t have to transfer it, don’t. Eggs and baskets.

Last time I moved one was about 18-24 months ago, filled in one form, took about 6 weeks and it was transferred.

The laws mean that the one you move it too has to prove that they are offering the same/better benefits, and it’s not as easy as it sounds.

Pretty sure that only applies to defined benefit pensions (final salary).

Get independent financial advice.

Schemes generally have a lower transfer value than their fund value. These figures are estimated in your annual pension report from each pension provider.

I’ve got several different schemes from various places. Though I do wish I’d not transferred my couple of years of NHS defined benefits scheme contributions into a money purchase scheme. It could have been my only dependable income in retirement.