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Age quod agis
12th April 2018, 09:30
In IR35 and the umbrella has just auto-enrolled me onto the pension scheme with 1%.
The last job also got me in their pension scheme and I probably have a few hundred quid in that also.

I'm going to be here for a few months probably, maybe a year. Who knows?

Is it possible to consolidate these pension contributions into one? If I am going to be contracting but through umbrella schemes it doesn't make much sense to have many of these pensions around.

What's the collective wisdom?

SueEllen
12th April 2018, 09:58
Do you like Gladiators?

malvolio
12th April 2018, 10:07
Ask your employers, i.e. the umbrella. Since pensions are pretty much deregulated, there should be no problem transferring one closed fund into another scheme, or even a separate SIPP.

Hobosapien
12th April 2018, 10:25
If the fees are similar (I think I read somewhere recently that the government are trying to cap fees for auto enrol schemes to 0.75%) then see it as diversifying risk across pension providers.

Transfer out fees may make it uneconomical to move to one provider.

Hopefully the government will be making it as easy and cheap as possible to manage/re-arrange them in future, as the target audience of low paid workers who don't usually put much away for a pension need to ensure they're not being ripped off more than usual in fees within the pension industry. Otherwise they'll still have a pittance while the pension providers get rich.

Age quod agis
12th April 2018, 10:46
If the fees are similar (I think I read somewhere recently that the government are trying to cap fees for auto enrol schemes to 0.75%) then see it as diversifying risk across pension providers.

Transfer out fees may make it uneconomical to move to one provider.

Hopefully the government will be making it as easy and cheap as possible to manage/re-arrange them in future, as the target audience of low paid workers who don't usually put much away for a pension need to ensure they're not being ripped off more than usual in fees within the pension industry. Otherwise they'll still have a pittance while the pension providers get rich.

Having a number of very small pension plans doesn't seem worth the diversifying of risk.

Age quod agis
12th April 2018, 11:05
Do you like Gladiators?

Not much.

Why?

northernladuk
12th April 2018, 11:16
Not much.


Oh dear, oh dear, oh dear....

:facepalm:

Fred Bloggs
12th April 2018, 11:21
Having a number of very small pension plans doesn't seem worth the diversifying of risk.
I advise you to post in the accounting/legal section where you will get more sensible answers. However, the short answer is "yes you can".

SueEllen
12th April 2018, 11:30
I advise you to post in the accounting/legal section where you will get more sensible answers. However, the short answer is "yes you can".

You mean the poster may get answers like this?


http://www.youtube.com/watch?v=uhanQCHRLWY

SueEllen
12th April 2018, 11:31
Not much.

Why?

Ahh you prefer bleeding radiators -


http://www.youtube.com/watch?v=PVP1rbzk4DU

SueEllen
12th April 2018, 11:34
Oh dear, oh dear, oh dear....

:facepalm:

It's sad how poor reading comprehension is in this country.

Clearly some people have difficulty understanding "All hope abandon ye who enter here. Seriously."

To be fair if this query was on a serious personal issue I wouldn't have asked the question, but as there is a section for this on contractoruk which is well used by others asking pension questions I thought I may as well.

northernladuk
12th April 2018, 12:57
It's sad how poor reading comprehension is in this country.

Clearly some people have difficulty understanding "All hope abandon ye who enter here. Seriously."

To be fair if this query was on a serious personal issue I wouldn't have asked the question, but as there is a section for this on contractoruk which is well used by others asking pension questions I thought I may as well.

My response was more about the fact he doesn't like Gladiators. Not gonna cut it as a contractor unless he address's that situation.

chicane
12th April 2018, 13:04
My response was more about the fact he doesn't like Gladiators. Not gonna cut it as a contractor unless he address's that situation.

addresses