Pension Consol - IFA?

[Allthenumbers]

I have 3 DC pensions from previous employers (with Scottish windows / legal and general). I want to consolidate these and then pay in each month. I’m not sure whether just to pick one and do all the transfers myself or to use an IFA. I am a full time carer to my disabled children and not working. I’ve spoken to an IFA who costs £1k for an initial report and then a % of the amount invested.

Tying myself up in knots re what to do. I am cash poor so I don’t really want to spend money on an IFA if I don’t need to. Equally don’t want to fuck up and make my old age even less promising than it looks currently.

any advice really appreciated. Thanks

I've moved around between employers with workplace pensions which are DC and just moved money from one provider to the other without advice but the sums were small, way under £10k.

Is moneyhelper any use:

https://www.moneyhelper.org.uk/en/pensions-and-retirement

Transferring is really easy to do.

I used pension bee because I like the app - fill in the details and they basically email you when they’re all in one pot. You choose your fund (the plans are risk rated and you can see the previous performance sheets) then set up a monthly direct debit

their calculator estimates your income based on current value, past performance and monthly income plans

You need some time to understand a bit about the fund choices and to keep a bit of an eye (review semi regularly in line with your age and circumstances)

@LottieMary thanks but the choosing the fund bit gives me so much anxiety. I’m worried about making the wrong choice so do nothing…

In that case spend the money on the ifa for the knowledge that to do something is important

most providers rank funds by risk - something like safe, medium, ‘adventurous’. received wisdom is younger people start with adventurous - higher chance of reward, longer time in the scheme. Move to safer funds as you get older.

starting is more important than anything but you do have several pensions which you must have already made these choices for

@LottieMary I think that’s what I thought. But now the thought of £1k plus the % the IFA will take off the amount I invested is making me reconsider. Especially as sadly I don’t have much money.

You’re right that I did make these decisions previously - but when I was younger and pensions seemed less important!

I want someone to tell me where to invest I think!

I think I might just put them all in my Scottish Widows pension.

You don't need to consolidate them at all - should definitely consider leaving them be as an option!

I would suggest you find out the charges and past performance and investment profile for each pot and see if any are noticeably expensive/ poor / out of sync with your risk appetite.

Thanks @Chewbecca I’ve done that and the SW one is performing better and I think has a discounted fee on contributions. So I think I might just transfer the other two into that?