Pension Consolidation question

[slipd]

Hi guys,

I would like to keep things brief; I recently left the Civil Service after a ten year stint, paying into two separate pension schemes during this time - not simultaneously, one became defunct during my employment. I didn't have a choice.

I've now started a new pension scheme with my current employer. The CS have sent me paperwork through regarding the moving of my previous scheme/s and I'm not sure what to do - there seem to be pro's and con's for leaving them alone until I retire or transferring them into my new scheme...

Thoughts?

 

[Deleted member 66701]

Speak to a pensions advisor.

Generally though, if its a CS scheme, you'd be better leaving it where it is.

 

[Bluecube]

What Amigafan says. Generally, Civil Service pensions are gold standard and you don’t want to mess about with them but speaking to a pensions advisor will put your mind at rest that you’re doing the right thing.

 

[DanTheMan]

I presume it's the alpha and nuvos schemes? If so, I'm pretty certain you will be better off keeping them where they are. They are defined benefit schemes and that chances of them giving you a transfer value that is competitive are very slim.

 

[slipd]

Thanks guys, apologies for the delay in response...

I thought as much! I still haven't thought anymore about pension consolidation, so I think I'll just leave it. Let it mature on its own

@DanTheMan, yes, I recall being on both those schemes. I'm now effectively on a provincial Government scheme.

 

[mattyfez]

Probably an easier choice if you have a public sector pension, I've got 3 private pensions, so looking into what to do about that is on my to-do list! lol

 

[Resident]

Probably an easier choice if you have a public sector pension, I've got 3 private pensions, so looking into what to do about that is on my to-do list! lol

To me when it comes to cosolidating pensions I get get the phrase "Putting all one's Eggs in one basket" in the back of my mind.

 

[mattyfez]

To me when it comes to cosolidating pensions I get get the phrase "Putting all one's Eggs in one basket" in the back of my mind.

Indeed, my 3 private pensions combined are very small , hence consolidation might be a good idea, but it's a minefield. it's certainly a project in itself and requires carefull thinking depending on your personal situation.

 

[booyaka]

To me when it comes to cosolidating pensions I get get the phrase "Putting all one's Eggs in one basket" in the back of my mind.

not really an issue these days. Regulation and FSCS covers pretty much everything. Also "usually" cheaper to combine pensions.... But as always "do you own research"

 

[booyaka]

Thanks guys, apologies for the delay in response...

I thought as much! I still haven't thought anymore about pension consolidation, so I think I'll just leave it. Let it mature on its own

@DanTheMan, yes, I recall being on both those schemes. I'm now effectively on a provincial Government scheme.

Simple answer - leave them alone.

DB scheme are the FCA's "hot potato" - Basically put - If there is no "immediate" need for the capital/income, leave them alone. I'm assuming your under 55 so basically you can't access them even in a personal pension, ergo no need for the capital/income.

Also factor in a hugely reduced market in DB transfers, less adviser around doing that business, you are better just leaving them till retirement age and reviewing at that time.

 

[moon man]

I've had the pension wise interview, pretty useful but still not sorted (been saying this for ages) thinking of lumping them into a drawdown, suck out the tax free bit and filter the rest in when needed or wanted.
looked at pension bee but not sure as when I asked to enquire about my section 32 the advisor asked me what a section 32 is!

 

[booyaka]

I've had the pension wise interview, pretty useful but still not sorted (been saying this for ages) thinking of lumping them into a drawdown, suck out the tax free bit and filter the rest in when needed or wanted.
looked at pension bee but not sure as when I asked to enquire about my section 32 the advisor asked me what a section 32 is!

haha - never a good sign.

Either that or too young to remember Sct 32's!

Not many of them around - see the odd one from time to time.