| Pensions 09:01 - Jul 11 with 3916 views | _clive_baker_ |
I'm no expert on pensions at all, but I'm getting to an age where I probably need to be a bit more proactive in managing it. Not necessarily where its invested at this stage, initially just understanding where I'm at and forward projections.
Like most people I've had multiple employers, different pension providers, and contributed different amounts at various stages of my career (as have my employers).
Has anyone attempted to consolidate their pensions? It feels really odd to me that all pension contributions are linked to a unique NI number through payslips and HMRC data, yet there doesn't appear to be an easy tool to pull historic contributions (both mine and my employers) based on NI number. Unless I'm missing something?
Does anyone have any advice / words of warning / recommendations of companies who might do this well?
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| Pensions on 14:41 - Jul 11 with 778 views | OldFart71 |
Frankly it's madness that there has never been a link between pensions gained in previous employment and a current employer and although the government has a tracing service quite often these pensions change hands several times from one pension administrator to another.
When I neared my retirement age I found who was dealing with what when it came to my pensions.
Unfortunately despite having worked with one employer on two occasions they only had records of one for a year and the grand total was a very small lump sum of £5 per year.
Another I worked for, for about four years said that I must have received the amount back in my final salary. But seeing as that was early 1970's I had no proof of whether I had or had not received that money back and although an administrator was still overseeing the fund the Company had ceased to exist.
My daughter consolidated here pension from O2 to her current employer and regretted it as the potential payout would now be less.
I myself was lucky as I worked for a Company that paid a final salary pension. It was taken over but insisted that the new owner kept T's & C's for the following four years. That was in 1999 and I accepted voluntary redundancy in 2001. So I had the best of both worlds as I received a pay off and got a final salary pension.
Do your due diligence if looking for someone to handle a pension for you. I feel it's best to stick with a household name and not be lured by anyone offering fantasy figures for your pension payout. |  | | |
| Pensions on 14:44 - Jul 11 with 774 views | Daninthecampo |
As a financial adviser I advise:
You find a good financial adviser!
Make sure their fees aren't too high( For transferring schemes and ongoing fees)
Whilst there are still some old schemes with good benefits the majority are now bog standard cheap schemes so definitely worth running comparisons for consolidating
If its not worth changing schemes then review where your money is actually invested, especially for dormant accounts where the pension is with companies like Aviva, standard life and L&G etc you'll be stuck in one if their managed funds earning 2% pa if you're lucky | | | |
| Pensions on 15:23 - Jul 11 with 728 views | Pendejo |
Not a current financial advisor, but was once. My antiquated knowledge probably no good.
But
Pay close attention to fees and charges especially exit charges, often better to leave an investment in place as terminal bonuses from a natural end are worthwhile.
As others have said get a currently qualified financial advisor
I did use my background knowledge to ensure my youngest started making pension provision from the moment her Child Trust Fund and Child Savings Bonds matured - Pension ISA, Savings A/C and to spend some.
She's been saving 10% into the Pension ISA since she was 18, now 22, made sure she pays into her company scheme, and is now in a civil service scheme. She will be better off than I will. |  |
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| Pensions on 21:34 - Jul 11 with 659 views | Crawfordsboot |
If you have 10 years or more to retirement you should consider moving all into a SIPP. You can then invest in a low cost tracker, probably two trackers. S&P 500 and FTSE All share can be very low cost and are liquid investments.
Beware managed funds with charges! The majority with their high charges fail to match trackers. If you do go for a managed consolidated fund make sure you check their performance against a low cost tracker at regular intervals. MOST MANAGED FUNDS UNDERPERFORM THE MARKET. |  | | |
| Pensions on 18:03 - Jul 18 with 476 views | bluelagos |
Mainly focused on investing - Martin Lewis just did a podcast aimed at the novice/nervous investor. Thought a few on this thread might find it useless listening.
Jump to 8 mins in as the first bit is him rambling on about the rumoured decrease in ISA cash allowances and not very relevant (unless that interests you)
https://www.bbc.co.uk/sounds/play/m002g66s |  |
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| Pensions on 18:17 - Jul 18 with 434 views | Freddies_Ears |
I consolidated a couple of pensions, but generally left them separate. The reason I did thus was one of thd admknistrators refused me access to flexible drawdown. 2 are too small to be worth paying fees to move (they are very old DBs so massive hoops to jump through).
I advise, put a spreadsheet together and list absolutely everything. Include govt pension (elsewhere on this thread is the sensible advice to check you are on target to get a full state pension).
And take professional advice. | | | |
| Pensions on 18:34 - Jul 18 with 400 views | WeWereZombies |
| Pensions on 18:17 - Jul 18 by Freddies_Ears |
I consolidated a couple of pensions, but generally left them separate. The reason I did thus was one of thd admknistrators refused me access to flexible drawdown. 2 are too small to be worth paying fees to move (they are very old DBs so massive hoops to jump through).
I advise, put a spreadsheet together and list absolutely everything. Include govt pension (elsewhere on this thread is the sensible advice to check you are on target to get a full state pension).
And take professional advice. |
This is a good plan because it will save hours of professional fees doing the simple stuff of collating and evaluating what you have and concentrate your adviser's time on the difficult stuff. |  |
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| Pensions on 10:12 - Jul 19 with 271 views | Radlett_blue |
| Pensions on 18:17 - Jul 18 by Freddies_Ears |
I consolidated a couple of pensions, but generally left them separate. The reason I did thus was one of thd admknistrators refused me access to flexible drawdown. 2 are too small to be worth paying fees to move (they are very old DBs so massive hoops to jump through).
I advise, put a spreadsheet together and list absolutely everything. Include govt pension (elsewhere on this thread is the sensible advice to check you are on target to get a full state pension).
And take professional advice. |
There is little advantage in moving defined benefit schemes. I am the recipient of 3 separate DB schemes (plus the State pension) & it isn't a big deal administratively. Beware any financial adviser who suggests you transfer out of any DB scheme into a Defined Contribution personal pension. Yes amalgamating DC schemes into 1 SIPP is usually a good idea. The only problem I had with that was that I was not allowed to transfer some assets from a poor DC scheme run by one of the large Scottish life offices into my SIPP, so I had to get them to liquidate the assets so I could transfer cash. |  |
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| Pensions on 10:31 - Jul 19 with 246 views | Churchman |
| Pensions on 10:12 - Jul 19 by Radlett_blue |
There is little advantage in moving defined benefit schemes. I am the recipient of 3 separate DB schemes (plus the State pension) & it isn't a big deal administratively. Beware any financial adviser who suggests you transfer out of any DB scheme into a Defined Contribution personal pension. Yes amalgamating DC schemes into 1 SIPP is usually a good idea. The only problem I had with that was that I was not allowed to transfer some assets from a poor DC scheme run by one of the large Scottish life offices into my SIPP, so I had to get them to liquidate the assets so I could transfer cash. |
Agreed. I too have a couple of DB schemes and I’m quite happy with the loot rolling at differing times of the month. In 2000 I was working for an IT company and the pension scheme was a defined contribution (money purchase) scheme. The financial advisor we had access to strongly advised (pushed) transferring my existing, frozen DB pension into the work DC one.
Having worked in financial services and alongside FAs, I disagreed for two reasons. Firstly all eggs in one basket never seems a brilliant idea and secondly, the DC pension was in my mind the bedrock of my pension ‘portfolio’. Index linked and not to be touched. For me, it proved to be the correct move.
Talking of Scottish Life, I have a Drawdown policy with them and quite frankly, they’re a bit of a pain in the rear end. The performance of the little fund has been ok, but getting your money out with a confusing website and ‘our call is valuable to us’ (no it isn’t - nobody answers the ffing phone!) is like pulling teeth. A pain. I can’t wait to get what remains out of it, hopefully without the taxman grabbing 40%. |  | | |
| Pensions on 09:46 - Jul 20 with 120 views | flykickingbybgunn |
Another point about pensions not mentioned on here are the other important details like when you get it, or what happens if you die before you get it, or a residual pension for your loved one.
Dad's pension died with him. Mrs Kicking will get half of mine when I go. Lucky girl.
Brother was in the Post Office. His pension came in at 60 with a high rate which was reduced when he picked up his state pension.
Having been through the old age thingy my overriding piece of advice is retire as soon as you can. Make the most of your health and energy. |  | | |
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