Discussion
I found myself in an almost identical position when I swapped jobs last year.
I spoke to the guy from St James Place, who administer the pension scheme at my new place, and he said I might as well leave it where it is - the exit charge levied on a transfer would most likely more than offset any advantage in having all your money in one pot. So I left it alone to sit as a separate "pot" of money.
I spoke to the guy from St James Place, who administer the pension scheme at my new place, and he said I might as well leave it where it is - the exit charge levied on a transfer would most likely more than offset any advantage in having all your money in one pot. So I left it alone to sit as a separate "pot" of money.
B17NNS said:
www.tvr-eng.co.uk/intro.html
Unfortunately I can't get my hands on the actual cash until I retire!
esselte said:Nope
Any idaes what the best thing to do with this are?
There are way too many factors and variables for anyone to pass any judgment as to what's best for you.
Suggest you try an IFA for advice which should cover possibilities of a) leaving it where it is, b) transferring to some other arrangement c) transferring it to your new employer's scheme (if this could apply) d) taking benefits in some form (if this is applicable at the moment).
Negotiate and understand how much the advice will cost before you start.
Lurking Lawyer said:
I found myself in an almost identical position when I swapped jobs last year.
I spoke to the guy from St James Place, who administer the pension scheme at my new place, and he said I might as well leave it where it is - the exit charge levied on a transfer would most likely more than offset any advantage in having all your money in one pot. So I left it alone to sit as a separate "pot" of money.
Yeah that's what I thought but it would seem like I was "abandoning" it if you know what I mean.It's kinda just stuck there.
beano500 said:
Any idaes what the best thing to do with this are?
Nope
There are way too many factors and variables for anyone to pass any judgment as to what's best for you.
Suggest you try an IFA for advice which should cover possibilities of a) leaving it where it is, b) transferring to some other arrangement c) transferring it to your new employer's scheme (if this could apply) d) taking benefits in some form (if this is applicable at the moment).
Negotiate and understand how much the advice will cost before you start.
Yes I appreciate that this sort of thing is a "moveable feast" but wondered what other people had done and why.Cheers
Lurking Lawyer said:
I found myself in an almost identical position when I swapped jobs last year.
I spoke to the guy from St James Place, who administer the pension scheme at my new place, and he said I might as well leave it where it is - the exit charge levied on a transfer would most likely more than offset any advantage in having all your money in one pot. So I left it alone to sit as a separate "pot" of money.
Yep is usually best to leave it where it is (ie frozen) especially if its a company scheme. But best to get some professional advice
esselte said:In which case, if it's likely to be properly managed the way you would want it and the ongoing charges aren't extortionate, leave it alone and diarise to have a look at it a few times between now and retirement.
Yes I appreciate that this sort of thing is a "moveable feast" but wondered what other people had done and why.Cheers
If you've got pots of money or want to set up SIPPS for buy-to-let property or old masters or something, you'll have to shift it!
If you have a wonderful new scheme and you think you want to buy added years in a FS scheme or that your administration will be less of a headache, then stick it altogether.
Make sure any nomination form for the benefits in the event of your death is up-to-date too.
Purely my personal opinion - my professional opinion remains, consult someone who purports to know what they're doing. If it all goes horribly wrong (investment performance aside) at least you've got comeback on somebody.
Lurking Lawyer said:
I found myself in an almost identical position when I swapped jobs last year.
I spoke to the guy from St James Place, who administer the pension scheme at my new place, and he said I might as well leave it where it is - the exit charge levied on a transfer would most likely more than offset any advantage in having all your money in one pot. So I left it alone to sit as a separate "pot" of money.
Decent pension schemes don't have any exit or transfer penalties. St James Place used to be known as Rothschild Assurance. Needed to change their name to distance themselves from one of the highest numbers of complaints in the pensions world. They are not independent. The "guys" at S J P are paid commission to push S J P products only. Their charges are very high to fund massive commissions to S J P salesmen. It only really sinks in when you want to transfer & find out what the exit enalties are. Shocking in many cases.
Go to an IFA - truly independent. Set up fee basis of remuneration, not commission. Your future pension arrangements will then not have any exit penalties at all, leaving you to make a judgement to transfer or not in the future, based on merit - not because you are forced to stay put because of charges.
As others have said, speak to an IFA. Three areas to look for in a pension - charges, performance and flexibility. Don't pay any more than 1% pa if the scheme pays commission to the IFA. Pay less than this if you are paying the IFA a separate advice fee. Performance - make sure you have access to decent investment funds. Flexibility - the rules change next year and you will be allowed to invest into wackier stuff (classic cars, residential property, wine... 
) Will your scheme allow this?
Could tell you loads of things about J Rothschild Assurance, but not on a public forum
) Will your scheme allow this? Could tell you loads of things about J Rothschild Assurance, but not on a public forum
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