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  1. #1

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    Default Auto enrolled in pension

    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?

  2. #2

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    Do you like Gladiators?
    "You’re just a bad memory who doesn’t know when to go away" JR

  3. #3

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    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.
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    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.
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  5. #5

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    Quote Originally Posted by Hobosapien View Post
    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.

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    Quote Originally Posted by SueEllen View Post
    Do you like Gladiators?
    Not much.

    Why?

  7. #7

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    Quote Originally Posted by Age quod agis View Post
    Not much.
    Oh dear, oh dear, oh dear....

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    Quote Originally Posted by Age quod agis View Post
    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".
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    Quote Originally Posted by Fred Bloggs View Post
    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?

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  10. #10

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    Quote Originally Posted by Age quod agis View Post
    Not much.

    Why?
    Ahh you prefer bleeding radiators -

    "You’re just a bad memory who doesn’t know when to go away" JR

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