What's the best option for my pension?

Find an independent financial advisor. They can - er - advise. Go for one that someone recommends and you feel is trustworthy.

I did literally this with PK Group - they gave advice. I don't work for them! There's probably loads of good independent ones. You won't be able to work this out by yourself, get a good firm.

Mine now manages my pension pot - I've asked for only ethical investments, and they take care of that. They also take a cut, of course.

Keep all your paperwork safe, rationalise it all somehow - that took me AGES.

Good luck.

Seek independent financial advice, they often advise amalgamating them into one because it's easier to manage and keep track off. To amalgamate multiple pensions into one I have been advised the cost is an initial consultation (sometimes this is free, sometimes around £250) and then to set-up a new pension (if there is a better one than you are in already) and amalgamate them costs 3% of the total size of the fund.

I've been using Pension Bee to do this and have been very happy so far.

Hey Rosa,

I had the same problem and I thought it would be best to get them all under one roof to avoid paying charges on what could be a few hundred pounds in each pot. I moved all mine over to PensionBee when I had a lot of spare time on my hands when lockdown started in March, and can track its progress through the app so it's all easy peasy.

Let me know if you have any questions about it :)

Ben

Hi Everyone, thanks for your help. At this point, I don't think my earnings are enough to warrant the cost of a financial advisor but I'll definitely consider getting one as I progress in my career.
Thanks for the recommendation of Pension Bee. Seems to be a good option for adding new small pensions each time keeping across my plan.

Hi, this was something I've been looking into recently too! (another PAYE freelancer) I couldn't justify the cost of a financial advisor at the moment either, but was getting more concerned that time was ticking by and pensions should be something I start contributing towards. I've had companies automatically enrol me into Nest pensions, so I keep opting into that whenever I can for the time being. But also wanted to start my own private pension too, so I was recommended the Virgin Money personal pension by another freelancer. It's flexible so you're not tied into having to contribute a certain amount each month which was the major thing for me should I have a bad month or so. Extremely minimal yearly fee and the advisors were super helpful when I called them up for advice. I'd recommend looking into it, it might not be the highest return but for the time being so I know I'm investing and putting something aside if I can afford it each month it put my mind at rest until I can afford proper financial advice. Good luck, it's a bit of a minefield out there!

Hi Rosa, I just read all the answers below.. For your info, Independent Financial Advisors (IFAs) offer their services (or should do) for free- I'm consulting one at the moment - they only take a cut when / if you take up their advice to invest in a particular product but you are by no means obliged. In case that helps. Good luck!

Hi, just reading some of these answers. Can anyone recommend a good independent advisor to speak to about this. Kath, could you recommend your one?

As mentioned, Pension Bee consolidates all your pensions. Have a look at Penfold too - they say they're designed specifically for self-employed/freelancers/Ltd. They can consolidate too.

If you’re interested in where your pension money is invested and knowing the questions to ask a financial advisor, check out https://www.goodmoneyweek.com/ and the BAFTA Albert approved campaign, https://makemymoneymatter.co.uk/.

They had a recent online ‘party’ with lots of info - The Best Pension Party in Town https://youtu.be/W7rPRM1VuX4

I've been using Penfold for a while (I'm freelance - self employed not PAYE) and it's as simple as selecting how much you want to put aside and going for it. You can also top up any time if you're lucky enough to have any spare cash you want to set aside for retirement.

Their app is super easy to use, is is their web site and set up process.

Pension be is pretty good it will take all your pensions pots and put them in one. I started it in feb or March this year only had 1700 in the pot and because it is with profits pension - in a tracker it tracks the best fund lots to put it in - so my has had an increase of £800 I put a small amount in at the moment each month and the government top it up. You can allways switch your pension provider at a later stage - if you use this link - http://refer.pensionbee.com/mQgdxqM we both get £50 which is a nice - also this website https://www.unbiased.co.uk/ will give you a list of financial planners in your area. They will probably only being doing video meetings at the moment. I would say a financial adviser isn’t worth it if you have less than 5k invested some won’t touch you as it isn’t work it. Also some pension companies are will charge you to switch or use them the good think about pension be is you can start putting in a small or larger amount your self as well as employer pensions going in there. Hope that was helpful

Pension Bee are good but they don't offer the same service as a financial advisor. When consolidating your pensions they don’t look at the funds available within your existing pensions, charges, or guaranteed benefits, it is entirely at your own risk. Neither do they give any advice as to what funds are suitable for you or monitor your overall financial situation going forwards. Their pricing is good, though I do not like the fact they charge a £480 exit / withdrawal fee. You cannot consolidate any other investments with them.
A financial advisor will give you a pension review, assess your current pensions, assess your level of risk and advise on the best pension they think suits your needs and what you hope to achieve by the age you hope to retire. They can advise how much you should be investing to achieve your aims. They will also take into account your other assets, mortgage commitments, etc. The downside is you do pay for their expertise.

Hi Lawrie-Lin Waller

I used your referral link but they said I needed some other details. Ive added you on TM so you can DM me.

Thanks,
John

Yes its essential to seek advice from financial advisor. Pension fund resources have to be cautiously managed to make sure that retirees get promised retirement benefits. For many days this meant that funds were narrow to investing mainly in administration securities, investment-grade bonds, and blue-chip stocks.