Multile Pension Schemes

[sigma]

I have a few pension schemes of small amounts from previous employers.Would I be better of leaving them separate or transferring them all to one scheme.

[EDDIE51]

I have heard that there is a fee to transfer pensions and in the case of small amounts the fee can take a large % of the pension fund. I have 2 small pensions myself they get paid separately at different dates in the month which I find useful.

[Peter Pedant]

You have to find out what the deal is obviously

FInancial advisers will say you should amalgamate - I smell a fee there, and if Wddie is correct then it is a great big fat fee you pay for

[Fitzer]

I'm afraid the answer is 'it all depends', things to consider are, 'how well is each scheme doing', 'are there any bonuses you will lose by transferring', 'what are the management charges on each scheme', 'are there any transfer fees'. Unless you are confident with assessing all of these things then an advisor is the only option. I went through mine with my IFA and some we amalgamated and a couple we left. This all assumes that these are schemes which aren't paying you a pension at the moment.

[EDDIE51]

Yes, I should have said that once you start getting paid the pension it is too late, you need to do it before you start to collect the pension.