seasalt
I have three pensions from three different employers over the years but all of them are small and I am worried about how much they will really help when I retire
I have some savings as does my husband. We had originally intended to invest them as a deposit for a buy to let flat (some of our friends have done this as their 'pension plans') but for various reasons this didn't happen and then the new stamp duty rules came in and made it impossible. Banks pay next to no interest and I worry that we are not using what we have wisely enough while we can. We are fairly risk averse. What's the best thing to do in these circumstances?
Firstly you need to understand the cost of your lifestyle. Without this information you will not be able to make any sensible decisions. I would also request up to date valuations/projections of your pensions, so you understand what you have got. I would also request a State Pension Forecast. You need to hold some cash savings, perhaps 3-6 months of expenditure or an amount that you feel comfortable. However, cash savings may not keep pace with inflation, so it is important that you consider investing for your future, so that your capital will have the opportunity for growth over the medium to long term, bearing in mind the risks that come with investments of values falling as well as rising. Just holding cash savings is not a low risk strategy, as your capital is at risk from inflation. If you are in any doubt, I would speak with a Financial Planner who can talk through your options and advise you appropriately.