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.
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!
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
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.
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
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.
Off topic quick, did you signup for the beta access to their app (vanguard)
No I didn’t know until recently that you could, so I guess I missed out. I never really open my account to look at it so missed the sign up.
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.
Absolutely understood. It’s not a lot of money in there, tbh for 7 Years of working for them
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.
But back to topic, yea I would consolidate them as you will earn more back in interest as it’s a higher amount.
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.
If it was that exact amount yeah.
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!”
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.
Yeah, I guess I will see in 2063
Thank you for the edit @michaelw90