Part of this is a general moan about how complex pension schemes seem to be. I am not financially illiterate at all, but have never, never understood pensions (which is why I hold investments outside of my pensions so that I have an income on retirement that I do understand!).
I hold:
- A final salary pension which I built up for 6 years at one firm before leaving in my 20s. No idea what will happen with this when I get to retirement age.
- A small defined contribution pension from a firm I worked for for 2 years and then transferred to a Hargreaves Lansdown pension.
- I have just been made redundant from my most recent firm, after having been there for 8 years, and have a pot worth just over £30k with Legal and General.
Pension advisers want to charge me ridiculous amounts when I'm not even sure I need to do anything.
I am now self employed, and do not wish to pay into a pension scheme (I have other investments I manage myself), but have no idea what to do with these three pension pots (if anything). I am frustrated at how complicated it is!