Anyone know anything about Pensions?

[forago]

I am absolutely cluelesss about them and feel I should be doing something more than I am. I have had a series of company accounts over the years, all of which are, as far as i know, dormant or frozen since I left those companies.

I have been self-employed for the past 2 years and have done nothing pensions-wise.

Can I consolidate them all into one private pension somehow? Where would I go about getting advice? I'd ideally like someone to look at all the paperwork i have amassed over the years and tell me, for a reasonable fee, what to do with it all and whether I should get some kind of private pension or investment of some type.

You need an Independent Financial Adviser, who will charge a fee, and isn't tied to any particular pensions provider. It may be that the pensions you have are better left where they are, or consolidated and they will be able to help you with that. They should also be able to advise on the type of pension you need in place now, depending on your family/financial circumstances and future plans and needs.

A bank or building society might try and sell you one of their products rather than give impartial advice.

ok that's good to know thankyou. do I need one that specialises in pensions or will all IFAs have the knowledge required?

Best to call a couple and ask.

(I used to work for an IFA, in admin dept)

I would say it depends on how much you have in those accounts as to whether it is worth doing anything with them. I have several small company pensions and I don't intend to do anything with them.

I have recently opened a SIPP so that I can choose which funds to invest in. I have complete visibility of how it is performing - sadly lacking with previous pensions - and the charges are low. The SIPP pension isn't rocket science but you do need to feel comfortable choosing funds to invest in and assessing your appetite for risk.

An IFA is the best bet. Agree a fee to review.