Multiple tiny pensions from short-term contracts - what to do?

[CheeseDreamz]

I am probably showing how thick I am here but I have ended up with 5-6 tiny pension pots due to working part-time and on short contracts. I would like to consolidate them somehow (if that will improve my pension allowence), but when I looked into doing that the lump sum payouts seemed to be even less. I am currently working a freelance contract and one day a week in a PAYE job (reduction in hrs, but contract extension - so an additional 6 months at 0.2, down from 2 years at 0.8), so no employers benefits for one and tiny contributions for the other, but also want to pay in somewhere. Looking at buying additional years/pensions I got totally flumoxed.

I tried to do all this last year - lined everything up, sorted online accounts, found out all lump sums, but then lost my nerve. (partly because anything to do with pensions seems to involve speaking to 4 different people over the phone and exchanges of paperwork via pigeon post, and more admin than I can bear)

We tried a financial advisor but he only wanted to do the work if we both declared everything - all assets, income etc and committed to investing/shares. I just want someone to sort out my pathetic pensions into a manageable form.

So:

• Should I leave them all be?
• Should I consolidate everything?
• Should I set up a private one as well?
• Should I look into contributing to DH's pension (it's an ex-civil service type) if I can?
• Should I just put it all under the bed/into premium bonds/bitcoin?

Unfortunately they all seem to be in service pensions, meaning I can only get a lump sum out and not continue to make contributions (this maybe the way things work, but I naively thought I might be able to continue contributing after contract end).

I am trying to read advice on the moneysavingexpert site, but still baffled.

Have you looked at PensionBee? You just give them the details of the pensions and they consolidate them into one which you can then add to. I've had fantastic returns on mine so far (over several years) and it was really easy to do

I did have a bit of a look last year, but was slightly wary. Will look again, thanks!

Open a cheap Sipp and transfer all the pensions into it, assuming they are DC type pensions, not DB/ guaranteed income ones.
Shove it all into a cheap Global equity fund and forget about it until 5-10 years until you retire.

Another vote for PensionsBee. Defined contribution pension schemes are just like glorified savings accounts that you can't touch till you're old. Nothing to fear. Get them in one place, stick them in a decent fund (see pp) then forget about them. If you move jobs again, add that pension to the pot too.

Some pensions might have guarantees but the pensions company should explain that to you. And this ^ won't work for defined benefit schemes like teachers, NHS and the like.

There are some good threads on here that explain pensions. Also look at Moneyhelper website. If you're over 50 you can get an appt for a chat.

I did this a few years ago. Use pension bee or similar, there was a button to say "transfer another pension". Got it all in one place pretty easily.

I think you could really use someone to talk you through what is going on and help you understand what your options are but agree a financial advisor is not really the right professional.

There is a free service from the government: Money Helper and in case you are over 50 they have a special pension bit where you can book a consultation: Pension wise. The service should be able to explain to you what is going on and what your options are. (When I reloaded the posts I saw someone else also mentioned it.)

I would be wary of taking financial advice from Mumsnet.

thanks all. I looked at MoneyHelper I think (if that is the gov recommended one?) but i thought it said advice was for 55 and over. I am not quite that. But I will check again.

i find the cost/benefit assessment i need to do for Pension B v the benefits of the separate pensions really difficult.

i will look at other threads, but for info not advice!

Oh it is 50+ for Pension Wise - hurrah!

Zippen.co.uk

speak to them