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Advice on what to do with pension from previous job?

(4 Posts)
Blahdeblah1 Wed 08-Jul-15 21:30:04

I've started a new job and have received a letter from my previous pension company stating that I have two options on what to do with my pension: transfer to the new company pension, or keep it where it is. What do I need to look for to make a decision? Can anyone please advise?

Blahdeblah1 Thu 09-Jul-15 11:57:58

Just bumping this!

Poledra Thu 09-Jul-15 12:12:25

I am no financial wizard, but I can tell you I have 5 pensions, from different jobs I've held. There are certain pensions that I have been told never to touch (for example a public service pension which is underwritten by the government). I did consider consolidating my pensions into one; however, a colleague of mine who was nearing retirement age had done this during her working lifetime. Unfortunately, she had put all her pensions into an Equitable life pension, and was badly hit by the pensions scandal at that company. She told all of us never to put all our pension eggs in one basket, as she ended up having to work longer than she'd planned in order to secure her retirement sad

Blahdeblah1 Thu 09-Jul-15 12:49:54

Thanks for your reply. Yes, that was my only thought: don't put all your eggs in one basket! But beyond that I don't know of any other pros and cons!

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