Over the past couple of weeks, we’ve covered the ultimate guide to investing. We need to finish that off and talk about some of the important mechanisms of investing, the accounts we use: pensions, ISAs and all the rest!
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Hi Pete, yet another Pete here 🙂
I’m one of those that has a collection of pension plans left from previous workplace schemes. I’m currently putting a total of 12% into the latest workplace plan, with salary sacrifice for extra tax efficiency.
The question is, what do you recommend I do with the dormant plans, which continue to grow by an total average of 10% per year? I’ll be 55 next year btw and would like to retire at 60 if at all possible, probably using draw-down.
Thanks
Hi Pete
Sorry for delay replying. I can’t recommend what you should do as I don’t know enough about your situation. BUT, you might check out this podcast episode:
https://meaningfulmoney.tv/2018/03/14/should-i-tidy-my-pensions/
Remember, it isn’t the pensions that have performed well – a pensions is just an account – it’s the underlying funds that have grown. So you need to see if equally good investment options apply wherever you’re considering consolidating your old pensions into.
Hope that helps,
Pete M