I have 3 pensions with varying amounts and want to combine them into one, looking for advice

[blucrane]

So it's about time I get my pensions in order. Have collected 3 over the years (Aon, Willis Tower and Irish Life) which have varying amounts. I want to have better control over them and want to combine them into one, where I add new pensions to it as I change jobs. 36 y/o, so feel now is the time to get them in order so I can manage them better and likely get a graph together too, to project where I'll be.

Many of the ones I have show some projections but tbh, it's all a blur and I really don't understand them. Any advice would be appreciated

 

[sapiens]

@blucrane Just note, there can be an advantage to having more than one. Which is that you can begin to draw one down before the other. Which can be tax advantageous because once you start drawing down, you must take 4% per year.

 

[jpete]

@blucrane Not enough information for anyone to give you an informed opinion. You'll have to disclose the charges - funds on each plan.

I doubt the WTW & AON ones are high so probably best left alone.

 

[roytheone]

@blucrane What are the management fees and allocation rates on each? Would you like to cash in any of them at 50 if you wanted 2 ? If you put them all in 1 , I don't think you can cash in any of them early if you wanted 2.

 

[blucrane]

@roytheone I'm just looking to get them into one fund for ease and then let them do their thing until I am approaching retirement age. I imagine I'll want to keep them in a med/high level risk throughout. Having difficulty finding anywhere that explicitly states the management fees. Any ideas where I'd find them?

 

[roytheone]

@blucrane For your age I would be in 100% stocks a global fund or SNP 500 fund. Send an email to the fund provider's and ask them. They will inform you of the fees etc.

 

[blucrane]

@roytheone That's great advice thank you. But I guess that poses the next question. Do you think it's a good or bad idea to put all 3 existing pensions into one? If so, do you know anywhere I could get some information about the different fund managers?

 

[asurfpro]

@blucrane A financial adviser

 

[christians]

@blucrane I am counting down my last short few years to retirement and I am so glad I have the flexibility of having three separate pensions. I almost rolled them into one in the past but I was advised against it. I hope that helps.

 

[blucrane]

@christians That does help. Is there any reason why you were advised against it? Like these pensions are tiny. One is only 3k like. Hard to feel like it'll ever make much of a difference.

 

[christians]

@blucrane A particular benefit is that one can draw down on one pension, or take a lump sum, while allowing the others to continue to grow tax free.

 

[kannew]

@blucrane It would be silly to give you advice without having any of the details on your pensions. A financial advisor would have full transparency and be able to tell you exactly what to do

 

[aerieflew]

@blucrane You need to ask the providers which you want to leave for leaving service options form , you fill that in then with the info you want to move the older pension to

 

[jedi__knight]

@blucrane This was covered by Eoin McGee today in his podcast:

~20 mins in.

He advises against combining them.

 

[paula124]

@blucrane It’s a slow process but I did it after moving to my last job, it does make it easier to manage one pension.

Unless there’s some benefits to leaving it where it is you may as well try and move them into one.

Think of it this way - even though the fees can be a little bit opaque - you’re basically paying at least three different companies to manage your retirement fund, it will almost certainly be cheaper to put this in one place.