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Feasty
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PostPosted: 16:01 - 30 Jun 2021    Post subject: Pensions! Reply with quote

Yep that boring subject we all try to ignore...

I've finally decided at my grand age of 45 to get to grips with my pensions. I've worked for many companies over the years from a few months to over 10 years, getting the information is painful Crying or Very sad .

I've managed to find most of them and register for the relevant pension companies online, good starting point! However I've found a couple of companies I've been with for longer many years ago, I no longer have paperwork for or any idea of who the pension was with.
I've tried the government pension finder website, but it's pretty useless when you search a company name and 20 different variations appear.
Anyone any good advice on how to find old pensions?

The 2nd part is, what do I do with them?
I've got pension pots with a couple of £100 up to some £1000's - is it better to try and port them all in to 1 pot? Or keep them separate for security in case any companies go under.
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Fat Angry Scotsman
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PostPosted: 16:32 - 30 Jun 2021    Post subject: Re: Pensions! Reply with quote

Feasty wrote:
The 2nd part is, what do I do with them?
I've got pension pots with a couple of £100 up to some £1000's - is it better to try and port them all in to 1 pot? Or keep them separate for security in case any companies go under.


I literally just had a conversation with our company's pensions advisor on this very thing today. Following his advice, I am going to move all my small pensions into my current large pot if for no other reason than simplicity come retirement.
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ThunderGuts
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PostPosted: 16:43 - 30 Jun 2021    Post subject: Reply with quote

I think a lot of it depends on the terms and conditions associated with each pot. I did some of my career in local government; that pot has far more favourable conditions associated with it than any of my private pensions, so I'm leaving that one well alone. The rest . . . well, they're all a bit rubbish but I do need to amalgamate.

I honestly do sometimes wonder what/if the point is - I see my statements come through sometimes and the value has dropped by 50% (presumably because of some less than savvy investments on the part of the pensions company). Does make you wonder whether it'd be better to invest directly (e.g. property, although how long-term stable that'll be as the property bubble will probably deflate at some point). Then again, you'd need a fair amount of capital to buy and rent out a house! I am not in that position, but some might be.
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steve the grease
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PostPosted: 21:17 - 30 Jun 2021    Post subject: Reply with quote

ThunderGuts wrote:
I see my statements come through sometimes and the value has dropped by 50% (presumably because of some less than savvy investments on the part of the pensions company).


Doesn't exactly inspire confidence in the pensions industry does it???

A pissed up bloke on the Paddypower website could probably do better than that.....
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Keithy
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PostPosted: 22:54 - 30 Jun 2021    Post subject: Reply with quote

ThunderGuts wrote:
I did some of my career in local government; that pot has far more favourable conditions associated with it than any of my private pensions, so I'm leaving that one well alone.

Does make you wonder whether it'd be better to invest directly (e.g. property, although how long-term stable that'll be as the property bubble will probably deflate at some point).


Always worth checking if a pension scheme you have been in is defined benefits, if so I’d be careful about amalgamating it. Thumbs Up

A SIPP (self invest personal pension) excludes property so that’s a non-starter.
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Weisse Schlange
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PostPosted: 22:59 - 30 Jun 2021    Post subject: Reply with quote

The Govt has a pension tracing service or you can use someone like Pensionbee.

There are loads of rules and regs around pensions but a good source of info is the Martin Lewis money saving expert forum (pension section)

You can do most things yourself without needing an advisor or suchlike.

Moving pensions is super easy and can be done online. There are also some really good self managed funds from the likes of Vanguard etc.
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hellkat
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PostPosted: 19:38 - 01 Jul 2021    Post subject: Reply with quote

Arrow Start early putting money away for a pension, and keep doing so.
Arrow Get a pre-nup.
Arrow Diversify into other assets (property, shinythings) when you can.
Arrow Get a pre-nup.
Arrow Thoroughly read medical insurance documents
Arrow Get a pre-nup.
Arrow Make the effort to understand your own financial investment profile
Arrow Get a pre-nup.

Several of my consorts have been good little boys and saved their arses off, even after (in most cases) being utterly rinsed by messy divorces, and are now extremely comfortably off.
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A100man
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PostPosted: 11:35 - 02 Jul 2021    Post subject: Reply with quote

hellkat wrote:
Arrow Start early putting money away for a pension, and keep doing so.
Arrow Get a pre-nup.
Arrow Diversify into other assets (property, shinythings) when you can.
Arrow Get a pre-nup.
Arrow Thoroughly read medical insurance documents
Arrow Get a pre-nup.
Arrow Make the effort to understand your own financial investment profile
Arrow Get a pre-nup.



Thumbs Up this is the best and only financial advice you will ever need.
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Fat Angry Scotsman
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PostPosted: 11:58 - 02 Jul 2021    Post subject: Reply with quote

A100man wrote:
Thumbs Up this is the best and only financial advice you will ever need.


Mine is stay single Laughing
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Hong Kong Phooey
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PostPosted: 12:01 - 02 Jul 2021    Post subject: Reply with quote

Beware the con artists. Usually unannounced contact initiated by them. One scumbag persuaded one of my friends to move her entire pot into children's home investment, pulling on the heart strings.

Directors resign, company goes under, pension gone.
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A100man
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PostPosted: 12:25 - 02 Jul 2021    Post subject: Reply with quote

Fat Angry Scotsman wrote:
A100man wrote:
Thumbs Up this is the best and only financial advice you will ever need.


Mine is stay single Laughing


In which case skip every second point. Wink
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Freddyfruitba...
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PostPosted: 17:39 - 02 Jul 2021    Post subject: Reply with quote

A100man wrote:
hellkat wrote:
Get a pre-nup
Thumbs Up this is the best and only financial advice you will ever need.

But AFAIK they aren't legally binding in the UK?
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hellkat
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PostPosted: 18:03 - 02 Jul 2021    Post subject: Reply with quote

Dunno.
But I've seen far too many men scalped.

In both my divorces, the lawyer each time suggested I go for the throat. It wasn't about that for me. It was about escaping, and as I got a decent wodge out of the sale of the marital home in each case, I was happy to walk away with [whatevs].
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hellkat
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PostPosted: 18:52 - 02 Jul 2021    Post subject: Reply with quote

Fat Angry Scotsman wrote:
Mine is stay single Laughing

That's no fun.
Eternally single men are at risk of becoming tedious old grumps with no charm.
Nobody flirts with charmless old grumps.
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A100man
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PostPosted: 09:22 - 04 Jul 2021    Post subject: Reply with quote

hellkat wrote:
Nobody flirts with charmless old grumps.


.. could be where I'm going wrong. Thinking
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hellkat
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PostPosted: 09:50 - 04 Jul 2021    Post subject: Reply with quote

It's certainly put me off quite a few potential consorts.
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