pensions

[Clarkey110]

i currently have 2 private pensions. 1 ive been paying myself the other was through work where work contribute as well. Anyway ive just changed jobs and am about to start the police where i will have a great pension through them. What should i do with the others. Shall i combine them into 1 and keep contributing privately. Or somone recommended putting them into the police pension. But i was under the impression the police pension is fixed and there are set amounts depending on age and rank when retiring so if i add my 2 private pension to the police scheme how will that alter.

Any help appreciated cos i really have no idea what to do.

thanks

[ELT]

Hi there,

If the police scheme is, as you say, a Final Salary Scheme (i.e. depends on number of years in service and salary), then you cannot add your private pensions to it.

I would recommend that you keep at least one personal arrangement, just for spread of risk - you dont want all your eggs in one basket! Although if they are only small amounts (say less than £5,000), it may well be prudent to consolidate them into a Stakeholder style pension which would have lesser charges which won't eat into your capital.

I hope this helps, If you require any further details, please do not hesitate to contact me.

Regards,

Emma Thomas
Wallwork Ludlow Ltd

[Clarkey110]

thanks for that. think that is what i will do. consolidate the 2 and keep them running privately.

cheers