Pensions - where to start???

[KittenKong]

We have quite a few ‘pots’ between us - about 14 in total (long careers!) and I’m not sure what to do with all this info!

Some of mine only have a few ££ (minke buy the newspaper) and some have a bit more.

It’s like a other language trolling through the info- and it’s not ‘standardised’ on that way it’s presented so pretty confusing (for me anyway).

An IFA has quoted almost £4K to do a review )he says that others will charge much more). Eek!

In small and simple words… what do I do?

Are any final salary/government?

If not I’d recommend consolidating into one

This is a good starting place.

meaningfulmoney.tv/2018/03/14/should-i-tidy-my-pensions/?sfw=pass1645093717

You should be able to DIY. If you gather all paperwork - choose where you want to put them and check none of the 14 have fancy additional benefits (like the right to draw them early or a guaranteed annuity rate which would mean it’s not a good idea to consolidate that particular one).

Vanguard is a popular choice.
See www.vanguardinvestor.co.uk/what-we-offer/personal-pension/transfer-a-pension

No government ones - one old final salary I think. I am wary of consolidating - some are actually decent (at the moment) and I remember the equitable Life shit storm!

I suppose I need a ‘State of the nation’ review of where we are and when we can reasonable retire.

In which case what you need is a forecast from each of them. They should be sending them annually. Do you have those? They will give you a decent idea of where you stand

So any have amalgamated / moved it’s a nightmare. I guess I need to pour myself a stiff drink and get a spreadsheet going…

Put together a spread sheet with the total pot at the last statement and crucially the fees payable, some may be zero others are not!

Generally final salary are best left in place, larger pots especially with no fees and usually best left but smaller ones with fees may be actually decreasing. The most important thing is that you keep track of where they are, ive mislaid one of mine following house moves and the the company selling it on!

I opened a vanguard sipp, gave them all the details, they moved them all over and I put them all in a diversified fund. Easy and cheap on fees.

There is a good Meaningful Money podcast about this. I think to start you need to find out, for each one some basic information - what they are we worth, when they pay out, associated benefits etc. Personally I'd get all the paperwork for each one in one of those clear files with the key info noted at the front, and then do an excel file to put them all together - but I'm probably a little sad! Good luck.

The episode @WobblyLondoner mentions maybe this one:

He’s good! I contacted an old IFA that I used ages ago - and he quoted £3500 to review both of our pensions and so any transfers. Sounds high?