Amalgamating pensions all into one pot

[toottootmummy]

I’ve recently tracked down all my pension pots and am currently updating all the accounts with my correct name (now married) and current address.
I have some significant chunks in a couple of the accounts (which took me by surprise) but I feel that the balances might possibly be better all in one place to make it easier to manage. There are currently 6 different schemes across 4 different major providers. Im looking for some advice on how to assess what is best to do.
anyone have any experience of moving all different pensions into one place. I’d be looking to move these into my current workplace pension.

I moved my DC pension across into my current work pension, it was really simple, the pension company (scottish widows) handled most of it for me. I left my DB pension where it was though, wouldn't mess with that.

Sure but I was referring to the workplace scheme and I don't think OP has said what type that is. If it's DB/final salary/CARE then that might be linked to state retirement age (variable) and also there's no "pot" to inherit if someone dies early.

I second this.

My husband and I have a similar number of pensions, we got an IFA who has advised against consolidation. His reasons for not doing so were specific and varied for each one. As it is, the number of pensions has reduced over the years as the big companies seem to be buying up everyone else.

To consolidate or not depends on how the pension is invested and the relevant fees. Some might benefit, others might be best left where they are. You don’t need an IFA…get yourself over to YouTube and search for Rebel Donegans and do their Rebel Finance School. Entirely free course and resources…highly recommend.

I’ve merged pensions, but using an IFA for guidance.

I currently have one personal pension with the consolidated previous personal pensions.

Ive got one active workplace pension which receives their contributions as well as my own.

Also one old workplace pension after they switched providers. This one my IFA said was best left on its own. Can’t remember the reason, but at least 3 is easier to track now I’m just a couple of years off retiring.

It’s pretty straight forward, all you have to do is give the details of the pensions to the provider that you want to transfer into.

Most of mine had a few hundred to a couple of thousand quid in and the fees were eating up the gains so I moved them all to my current workplace Scottish Widows one (including one from Scottish widows from 7 years ago that had been transferred to a different one!).

I had 5 different pension from only 3 jobs it’s bonkers!

You definitely wouldn't be able to split 10k off a DB pension - would you even be allowed to by a DC provider? I'm a bit skeptical.

But fair point that this doesn't matter if you don't intend to make future pension contributions greater than the MPAA (though who knows if Rachel Reeves will drop the £10k pa lower...)

You can take however much you want, whenever you want from a DC pension (provided the pension is set up that way, some older ones need to be transferred to gain the flexibility).
We draw lumps from DC pensions as and when needed, with each draw being 25% tax free and the remainder subject to income tax. We have not taken a tax free lump sum up front.
(DB pensions generally you either start them or not, totally different beast).

@snowlaser I agree on your first point which had already been mentioned. However

• using one platform is not really putting all your eggs in one basket as you can use different funds/investments to diversify
• you can withdraw from a combined DC scheme to have the same effect if you want a lump sum. In fact with some platforms you can withdraw whenever you like. The only advantage of using the small pots rule is that you don't trigger the MPAA by taking the whole of a small pot.
• whilst I appreciate that weekly payments are good for some, most people are used to being paid monthly when working and would find one fund easier to keep track of.