Monzo Launching Pension Consolidation 👀

I don;t know why there’s seemingly no topic for this, however Monzo is launching a Pension Consolidation service

I found it on Reddit, here: Reddit - Dive into anything

I have already been through the screens and didn’t take screenshots.

Nice to see this finally making it out! :fire:

Not sure I’d be making use of it, I’m just in the process of consolidating my pensions to my company’s new pension provider :joy:

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I’m unsure whether I should move my old NEST pension over, it’s tempting

Tbh I don’t recommend pensions with your main bank provider tbh. Could just be me but all your eggs in one basket is asking for trouble, but here’s the flow of screenshots.







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You could be right there, I don’t actively pay in to my nest pension as it’s from an ex employer… I don’t know if I should move it to my current employer or leave it with NEST, what do people usually do?

I use vanguard for all my investments, savings and pension. But don’t take my advice as I’m not a financial advisor

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If it was my pensions I’d want them all together, I’ve only ever had a NEST pension as it’s what my current employer uses.

I have my S&S ISA with Vanguard though.

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Off topic quick, did you signup for the beta access to their app (vanguard)

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No I didn’t know until recently that you could, so I guess I missed out. :laughing: I never really open my account to look at it so missed the sign up.

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Personally, consolidate them. Depending on whether there’s fees to move, and how much that’ll wipe out, and how much you have in there already etc.

But I have two pots, as we changed pension provider, and I’d rather consolidate them into one.

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Absolutely understood. It’s not a lot of money in there, tbh for 7 Years of working for them

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When we need more testers, you’ll see our sign-up form when you log out of your account.

This is what I saw last week when I looked into it, I’ll just wait for public release.

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But back to topic, yea I would consolidate them as you will earn more back in interest as it’s a higher amount.

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Isn’t 1% interest on ten £10 pots the same as 1% interest on one £100 pot?

Yes!

Just need to make sure you’re consolidating to a (hopefully) better interest rate. No interest rate is guaranteed with Pensions as it’s an investment.

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If it was that exact amount yeah.

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So it’s a question of what’s heavier, 1kg of steel or 1kg of feathers!

I personally try to consolidate; just because I feel like drawing down a pension at the end of it all will be easier than dealing with many small pots at different providers. “Honey, my £1.70 from my NEST pension came in late this month!”

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Also, theoretically if you consolidate now, it’ll be cheaper in the long run if an exit fee is charged, instead of paying that if you consolidate after it’s grown.

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Yeah, I guess I will see in 2063

Thank you for the edit @michaelw90