| Pensions 11:13 - Jun 23 with 1411 views | the_toff |
It was my understanding that the government was meant to be creating a tool that makes it easier to manage your pension, based on your historic payments linked to your NI number. Does anyone know if this is still happening and when it's expected to launch?
I've had multiple jobs over my career and to be frank I've been crap at tracking my pension contributions and even the providers. Especially earlier in my career. I know there are some private companies (Pension Bee etc) that help with consolidation but I've made it my mission to be more proactive in managing it now and perhaps consolidating them.
Has anyone got any experience of this as I'm not sure where to start other than drafting a list of my employers and contacting them for information? |  | | |  |
| Pensions on 11:29 - Jun 23 with 1332 views | Keno |
You are supposed to be able to get a state pension forecast and check details of it here, but that wont track non state pension
https://www.gov.uk/check-state-pension
You may be able to trace 'lost' pensions here
https://www.pensiontracingservice.com
PensionBee is ok if you know what you have but if any of the old plans are final salary, have enhanced tax free cash or guaranteed dont move them!! |  |
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| Pensions on 11:36 - Jun 23 with 1301 views | DJR |
Personally, I wouldn't do anything without getting properly independent financial advice, after, of course, tracing all your pension. I think the main issue is exit fees.
You could also contact the government-backed Pension Wise.
https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise.
I would be very wary of Pension Bee. [Post edited 23 Jun 2023 11:42]
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| Pensions on 11:53 - Jun 23 with 1221 views | DJR |
Here's a link to the Pensions Dashboard that you mention. The latest Ministerial statement suggests it may not be up and running for a couple of years or more.
https://www.pensionsdashboardsprogramme.org.uk/ | | | |
| Pensions on 12:00 - Jun 23 with 1190 views | Basuco |
I consolidated 7 or 8 pensions into one a few years ago and used a financial advisor that was recommended to me by a trusted friend who is a retired financial advisor. I did have various pieces of paperwork for all of these which you will need. Some had done very badly as they were not managed in any way. You get a choice how often you would like them to look at your fund to check it, I have a few changes recommended every 6 month's. Like you I just left them for years which is not good at all, my advice would be to definitely contact a financial advisor, it is still up to you to take his advice / recommendations or not. |  | | |
| Pensions on 12:07 - Jun 23 with 1155 views | the_toff |
Thanks for the advice all, really appreciated.
I need to be much more proactive with it. I've got a list of all my employers, and have contact emails so will start contacting for information over the coming days. I know the largest 2 are with Aviva so at least that's a start. | | | |
| Pensions on 12:37 - Jun 23 with 1084 views | crouchendyachtclub |
I periodically roll mine into a sipp. If you’re not majorly financially savvy then the easiest thing to do is drop everything into an s&p500 or all world tracker, depending on your risk tolerance and forget about it until retirement. No need for an ifa or regular fees in that situation.vanguard offer the lowest fees on their funds so it’s a popular set and forget solution. | | | |
| Pensions on 13:26 - Jun 23 with 920 views | Daninthecampo |
About 50% of my work is advising clients on transferring their pensions, its a slow laborious task collating all your old schemes but it's usually beneficial to combine them into a low cost SIPP for many reasons.
i'm not a fan of PensionBee either and have had quite a few clients leave them to join a better scheme.
Up until about 18 months ago transferring a DB/final salary scheme was pretty beneficial and we were getting multiples of up to 35 /40 years as a transfer value but with rising interest rates we're only now getting about 15/20 so not worth the risk.
A lot of old work schemes are managed by Aviva or L&G, they use their own funds and their performance is poor so definitely worth looking into changing, as an example I've actually just come on here for a break from writing a new pension report, i'm switching them to a lower risk fund but its still outperformed their 2 Aviva funds by 16% in the last 3 years, not massive but over the next 30 odd years it makes a huge difference.
I'd love to say i'd be able to help you but Brexit has screwed that one up! find a good fully independent adviser to help you [Post edited 23 Jun 2023 13:27]
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