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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To insist that DH gets to grips with his pension(s)?

3 replies

BasinHaircut · 06/02/2021 18:28

Almost 40. Never had a pension when I met him 15 years ago. First got one at 26-27 when he started a new job, just whatever they were offering. Has switched companies 4 times since then and each time has gone into their pension. One he was only in for about 18 months, longest I think is 4 years but now has multiple pension pots.

I keep asking him to get some advice on what he has and what he should be doing (I.e. should he cash out any of them and add to another existing pension, can he merge any of them as 2 are with Scottish Widows but separate etc) and see if we can get a sense of where these are all leading and whether we need to think about a private pension and basically get some financial advice for retirement and future decisions re job moves and related pensions etc.

DH thinks ‘it’s fine’ as he is consistently paying in to ‘a pension’ and it will all work itself out when he retires. Although I will admit I am also clueless about pensions this makes me v nervous and I want to know for sure. Is this how most people’s pensions are? A few years of many different ones here and there that all add up to ‘enough’ in the end?

For context I am a civil servant and have been in their pension scheme for almost 20 years. I know exactly where I stand in regards to my pension because it is nice and simple. My pension is good but I don’t want it to be all we have to rely on in retirement because DH’s pensions are worth fuck all.

OP posts:
FreeButtonBee · 06/02/2021 18:40

It’s not that unusual but doesn’t make it a good idea! it would be good to check in with them, make sure the investments are sound and charges aren’t too high. Also useful to add up all the pots and see how much he’s likely to get. It’s unlikely to be enough for a great retirement unless he tops it up with a private pension.

He could move the older ones into a low cost SIPP (like Vanguard) and manage it himself. I’ve just done that with an old employer pension.

Snowsnowglorioussnow · 06/02/2021 18:43

I would also like get him tk move them all to 1⃣ place.

Lockandtees · 06/02/2021 18:51

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