Pension

ShotInTheAss86 · 28 Jul 2017 at 16:46

Since the Gov changed the rules on workplace pensions I've now ended up with a couple of different schemes due to changing job...likely this will continue over the next 40 years of employment so may as well get on top of this now. I think its a great idea as I must admit before the change I never bothered.

What are my options going forward?

Obviously I'll keep my current workplace pension plan as I get a good contribution from my employer each month when I auto pay in to the scheme on payday.

What should I do with my old workplace pension as it's just sat there not really doing anything anymore? Am I best moving the funds to my current workplace scheme (and do this each time I move job) or should I move the funds into a private scheme and keep moving old workplace pensions to my private one each time i change job?

Any advice of where to look for information that might better explain my options would be a good start I guess

Mr Badger · 28 Jul 2017 at 16:53

The two obvious options are:

1) Spend it all on lottery tickets; or

2) Get some independent financial advice from someone qualified to give it. Pensions can be complicated and it's important to understand things such as scheme charging structures and possible tax implications when playing with your pension funds.

You could start with https://www.gov.uk/pensions-advisory-service

peterwalkley · 28 Jul 2017 at 16:56

Option 2) above. Also investigate / ask about SIPP's.

I had a similar mix of pensions a while back and consolidated them all into a single SIPP pot. Some were tiny with only a few grand in and likely would have all been eaten in charges before I got to draw from them.

KNiVES · 28 Jul 2017 at 16:57

Mr Badger said:
1) Spend it all on lottery tickets; or

Since this is a thread about being prudent with money, I recommend buying a stack of used lottery tickets. Far cheaper, for the same odds.

ShotInTheAss86 · 28 Jul 2017 at 17:20

peterwalkley said:
Option 2) above. Also investigate / ask about SIPP's.

I had a similar mix of pensions a while back and consolidated them all into a single SIPP pot. Some were tiny with only a few grand in and likely would have all been eaten in charges before I got to draw from them.

OK so need to look for an advisor to go through my current schemes and suggest best options going fwd. I did suspect charges could be applied each year and with no funds going in it would slowly eat the pot up as i dont think i have a great deal in there. I've heard of these SIPP's before somewhere else so will check them out