Tradefair & Financials
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Over the last 10 years since leaving uni I've moved around employers a lot and am now left with 4 or 5 pension plans.
I'm just about to start new employment and I really need to sort this out so:
1) how - or can I - consolidate these into one plan so I can keep track of them?
2) anyone got even any vague advice as to what I should look for in a pension plan?
I'm just about to start new employment and I really need to sort this out so:
1) how - or can I - consolidate these into one plan so I can keep track of them?
2) anyone got even any vague advice as to what I should look for in a pension plan?
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Talk to an IFA, or look into get a SIPP (Self Invested Personal Pension). Either way, you need to do some reading. Hargreaves Lansdown are supposed to be good for SIPPs, so have a look on there. An IFA will sort out all the pensions for you, but it may not be cheap, or carry a trailing commision that will cost you, but depends on how involved you want to be in it.
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Be very wary of "consolidating" plans. In Financial Services every action means someone takes a cut and it is always a percentage that does not reflect the minimal work done. Even small bites now mean £1000s loss to you at 65+. Also beware you may also lose the employer's contribution. UK once had pension plans the envy of the Western World - now they are in a total shambles. If you end up with a small pension (90% of people do after a lifetime's work) you may not qualify for pension uplifts that people who have never saved for one get - so you lose out again. You pay tax on pensions and the rules keep on changing to ever more complex as they "simplify" things, so try to have a balance with ISAs which are tax free and remain totally under your control.
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Stop paying into any more pension plans and do nothing with the ones you have , look again when you're 60.
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'that does not reflect the minimal work done'. Cornubia, when was the last time you did a pension transfer?
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