Private Pension

StarBright01

Just wondering if there are any benefits in merging two private pensions? I had a pension with my former employer and since I've left and started work with another company they have s pension with another company.
So now I've two separate pensions (only paying into one)

Is there any benefits in merging them??

lawred2

StarBright01 wrote: »

Just wondering if there are any benefits in merging two private pensions? I had a pension with my former employer and since I've left and started work with another company they have s pension with another company.
So now I've two separate pensions (only paying into one)

Is there any benefits in merging them??

Is merging occupational pensions even possible?

StarBright01

lawred2 wrote: »

Is merging occupational pensions even possible?

Don't have a clue to be honest I thought I heard of one person doing it before. So one is with Zurich I think, can't remember off the top of my head which is the other

Henry Ford III

lawred2 wrote: »

Is merging occupational pensions even possible?

Yes it is.

The benefits might be less hassle and a small reduction in overall costs.

StarBright01

Henry Ford III wrote: »

Yes it is.

The benefits might be less hassle and a small reduction in overall costs.

Thanks a million, will look into it

cooperguy

Take a look at the fees related to your old pension plan. If they are higher than your current pension plan then you would save money merging them.

Merowig

Cooperguy is right - if the fees are the same or roughly the same I personally would not merge them as

- you can then retire your different funds at different ages
- portfolio diversification - pension scheme 1 might offer other pension funds than pension scheme 2

For above reasons I am not merging mines.