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I'm wary of combining everything into one basket (even if I apportion it to different levels of risk) as I remember the horror stories of the various pension scandals (my FiL got nobbled by the Equitable Life collapse).
SIPPs are different in that respect, no? In that you are not putting your money into a insurance product, but into a product that is made up of funds / equities / bonds etc... (although I expect you can find funds that include insurance products).
So where Equitable Life's product goes a bit fucky, the products in your SIPP are still there even if the administrator / manager goes tits up.
I moved ~4 pensions into one Aviva one, then realised I could have the same risk profile with a SIPP at 1/10 of the cost.
Within that SIPP, you can still diversify and choose different risk profiles.
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NotThamesWater
Other than "speak to an IFA" which is what I intend to do, what's the general idea about combining old pension pots?
I have a bunch from previous employments, plus one from my current employer.
Do I transfer the old ones* into my current pension and continue on its merry way? Does this make the management fees I pay lower if I'm actively paying into the same pension?
Or do I keep the old ones separate in a SIPP?
I'm wary of combining everything into one basket (even if I apportion it to different levels of risk) as I remember the horror stories of the various pension scandals (my FiL got nobbled by the Equitable Life collapse).
I'm reasonably financially savvy and responsible. I know this is my retirement future so I won't be gambling it away (or not all of it), and I'm quite risk averse to begin with.
Looking after the 4 current pensions is not an onerous task, but I'm almost certainly paying more in fees than I need to.
Retirement is probably still ~10 years away unless my numbers come in. I should be mortgage free in ~5 years too.