Pension combining

[LonelyFlans]

I have a couple of SW pensions, one former workplace pension, one "retirement account" pension- combined value of just under £200k.

I'm not paying into either as I have a newish job & different pension with them.

Neither seem like they're growing much (I realise I'm not paying in, but they're not increasing in value in any way) and I'm nervous that they may not be in the right place.

I'm think of transferring them both into my current occupational scheme, but feel pretty clueless on whether that's the right thing or not. I did consult an IFA through my union but they wanted over £1.5k to advise me & I can't afford that.

Any general advice?

Maybe revisit that IFA fee. My IFA takes a % of the total of my fund as payment per year but overall because they manage the fund for me and invest it properly this is offset.

I use them to manage the fund created by amalgamating my (many) workplace pensions so that I know they are all in one place.

Thanks - I've just double checked and the fee is a set up fee only, not covering management.

It seems a bit steep tbh.

Check your old pension doesn't have any guaranteed benefits before doing anything, that usually means it is worth leaving as is. DH had an old SW pension with an excellent guaranteed annuity rate (GAR).
Then it's worth checking the ongoing fees & investment strategy for your current and proposed pensions.

The markets have been poor, not much has gone up. Check the charges, perhaps combine to your current WPP. Ensure you have enough equity, ignore.

1.5k is a good price. They take that from your pension