Reply With QuoteEven if your work scheme allows this (many don't), it depends on the terms of each scheme. Take proper advice.
Hope everyone is well and starting 2023 in a positive way
My question is would it be worth combining my personal pension into my work pension as the personal
Pension doesn’t seem to be performing but my work pension gets better contribution paid into it monthly
Any advise would be great many thanks
Even if your work scheme allows this (many don't), it depends on the terms of each scheme. Take proper advice.
What do you mean by
A) “as the personal pension doesn’t seem to be performing”
B) “my work pension gets better contribution monthly”
Combining them may be possible but what makes you think it will be better?
Have you considered changing funds for your personal pension?
Is the work pension performing better?
You need to give far more detail.
^ as above. Might be poor fund selection combined with excessive fees / charges. Investigate this before contemplating transferring.
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I'm assuming that the 'work' pension is a scheme run by a 3rd party pension provider (rather than company final salary-based) - so there is a facility to transfer across.
Main reason to combine is to reduce admin. Worth checking whether the fees/risk/return on both match your requirements.
Lot of funds are not performing well nowadays.
Where are the personnel funds going and who suggested where to place them?
If your bank has advisors. Maybe speak to one of them. I use one at my bank. I bounce ideas off her and get her thoughts, but in the end. I decide where the money goes.
I have moved money around base on a few of her suggestions
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