u/British_Dane

I hope to retire in the next 6-24 months. I want to consolidate my pensions and understand my options for using my pension.

I have decided that once I retire, I will either buy an annuity (if the rates are "good enough") or take multiple lump sums (UFPLS).

I have 3 pensions

• An active DC workplace pension (Standard Life)
• a previous DC workplace pension (also Standard Life)
• a self-invested pension plan [SIPP] (Vanguard).

As my workplace pension is still being paid into every month, my default assumption is that I should consolidate the three into that one, so that all the money is in one place when it comes to retirement. Before doing so, I need to ask Standard Life

• For the now inactive Standard Life pension
  • Are there any exit penalties or fees for transferring the money into the active pension?
  • Does it have any special features, e.g. guaranteed annuity rates?
• For the active pension I consider transferring into
  • At what age can I start to draw from it? (I believe it’s 55, but am not certain. I am 58 now)
  • Does it allow me to take 25% tax free and buy an annuity with the rest (either from SL itself or from another supplier)?
  • Does it allow me to withdraw my pension as multiple lumpsums while keeping the majority of the money invested (Uncrystalised Funds Pension Lump Sum, UFPLS)?  If yes
    • Can I continue to manage how the remaining pot is invested? Can I have multiple sub-pots? (e.g., one high-risk for money I won’t need the next 10 years, and one low-risk for funds I will need sooner)
    • Is there a fee every time I take a lump sum? How much?
    • Is there a limit to how much I can take each time?
    • What will the ongoing fees and charges be during the UFPLS period? Annual management fees, investment fees, fees to change investments, etc?

Is there anything else I should check / consider / ask before I start the consolidation?