Helpful Basics -Combining Pensions

The Meaningful Money Personal Finance Podcast

Pete Matthew

Business, Investing, Education

4.8 • 1.6K Ratings

🗓️ 27 November 2024

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today we’re going to look at combining or consolidating pensions - a big subject which we’ll try to do some justice…

Shownotes: https://meaningfulmoney.tv/HB10

What You Need To Know

02:15 Why transfer?

04:47 How the process works.

07:47 Things to watch out for.

14:39 About Defined Benefit transfers.

Everything You Need To Do

26:44 Get up to date with your existing plans.

Pension Transfer Checklist (PDF)

28:27 Decide if there’s any reason to leave the pension where it is.

29:44 Request the transfer.

31:07 Chase to completion.

35:07 Podcast Review.

Transcript

Click on a timestamp to play from that location

0:00.0	Hi, folks, and welcome to the Meaningful Money Podcast.
0:02.0	This is Season 29, Episode 10.
0:12.4	Yep, here we are once again.
0:14.1	It's Pete and Rod, the Cagney and Lacey of Financial Planning.
0:17.2	Not sure which one you are, Roger.
0:19.0	Well, I'm obviously the good-looking blonde one, Pete.
0:21.4	So that would be cagney then.
0:23.3	Yes, it would. That would make me lazy.
0:24.8	Yeah, the sensible one who generally takes the lead.
0:27.1	Oh, there you go.
0:29.6	I've been thinking about these things.
0:31.0	Yeah, that works well.
0:32.2	Just doesn't happen off the cuff. But anyway, anyway, today we're going to look at combining or consolidating
0:39.6	pensions, a big subject which we'll try to do some justice to. Yeah, and try not to take too long
0:43.6	doing it, the most famous last words. But one thing we've always said here is that it's important
0:47.3	to be proactive, one could say intentional, about staying on top of our pension plans. And that's
0:52.7	especially true when we change jobs.
0:54.9	Very often, we'll leave one company,
0:57.3	and we've had a pension there,
0:58.2	and it just kind of sits there when we move on to our next job.
1:01.2	According to the most recent figures from the PLSA,
1:04.0	which is the Pension and Lifetime Savings Association,
	...

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