Pension Schemes

[TheDvEight]

Hi all,

Due to auto enrolment into various pension schemes through employment I now have 5 seperate pension schemes is there any way to either;

• Withdraw the funds after cooling period
• add the funds to one scheme

Thanks in advance.

[sulky_uk]

TeaLeaf is quite knowledgeable about that kind of stuff (from what i remember at the Lan)

[Penfold]

Yes. He can probably loosely advise or certainly recommend you to someone who can.

[suicidal_monkey]

Pretty sure you can merge them to make it easy to view/manage, but you then end up with everything under one risk/growth pile. Choices eh

[TeaLeaf]

Due to auto enrolment into various pension schemes through employment I now have 5 seperate pension schemes is there any way to either;

• Withdraw the funds after cooling period
• add the funds to one scheme

In general terms, and in order:

- no, not until you are 55  at the earliest bar a couple of exceptions.  This will be 57 from 2028 as the intention is for the minimum age to follow State Pension Age minus 10 years.  This assumes that your 'withdraw the funds' means from the pension so you can get your grubby little mitts on the money to spend.  Cancellation within the opt out or cancellation period (cooling off period) is different.
- yes, you can transfer them all to one scheme which sometimes offers cost advantages and certainly reduces your administration time.  Depending on where you transfer them to, sometimes you'll need to take advice, sometimes you can arrange it yourself, it depends on the receiving scheme or if it is NEST.

If you wanted to chat in a little more detail then send me a PM with some contact details and we'll arrange a phone call.  Whatever you do, seek professional advice before acting.

[Designergenes]

My pension scheme is scratchcards and harvesting organs from my kids.  It's not like they need two bloody kidneys each!