Pensions in several places
Discussion
Ok, I wanted to remove my old works pension money and put it into my private pension. Then start my new works pension to get the benefit from the 3% they put in.
I have found that due to benefits I would require financial advice on the pensions and the ball part figures was £2000 for the advice.
It is normal now to have work pensions in several companies as we do all change jobs a few times these days?
Is this the best option? I am just thinking about the administration of all the pensions as I get older.
There is a lot in the news about pensions, and I am not unintelligent, but I am finding it hard to understand pensions and what the best options are.
The value in the pension does not qualify for a £2k advise tag. If it is that low, why is it so hard to move the pension from one to the other?
What are other people’s experience of pensions and how to make them work to their best interests?
I have found that due to benefits I would require financial advice on the pensions and the ball part figures was £2000 for the advice.
It is normal now to have work pensions in several companies as we do all change jobs a few times these days?
Is this the best option? I am just thinking about the administration of all the pensions as I get older.
There is a lot in the news about pensions, and I am not unintelligent, but I am finding it hard to understand pensions and what the best options are.
The value in the pension does not qualify for a £2k advise tag. If it is that low, why is it so hard to move the pension from one to the other?
What are other people’s experience of pensions and how to make them work to their best interests?
I was in the same position - it's a minimum guaranteed benefit that was put into place on some occupational schemes when they were contracted out of the state second pension.
The guarantee is worthless, usually. I explained that I had worked in financial services, knew what I was doing, and wanted to transfer the pension in to my SIPP. My provider agreed to do the transfer without advice (estimated at £1,000).
Approach your provider if there is a cost/benefit problem - £2,000 for advice sounds extortionate to me.
The guarantee is worthless, usually. I explained that I had worked in financial services, knew what I was doing, and wanted to transfer the pension in to my SIPP. My provider agreed to do the transfer without advice (estimated at £1,000).
Approach your provider if there is a cost/benefit problem - £2,000 for advice sounds extortionate to me.
Have a look here or give them a call and have a chat maybe. All for free.
http://www.pensionsadvisoryservice.org.uk
R.
http://www.pensionsadvisoryservice.org.uk
R.
classicc said:
Ok, I wanted to remove my old works pension money and put it into my private pension. Then start my new works pension to get the benefit from the 3% they put in.
I have found that due to benefits I would require financial advice on the pensions and the ball part figures was £2000 for the advice.
It is normal now to have work pensions in several companies as we do all change jobs a few times these days?
Is this the best option? I am just thinking about the administration of all the pensions as I get older.
There is a lot in the news about pensions, and I am not unintelligent, but I am finding it hard to understand pensions and what the best options are.
The value in the pension does not qualify for a £2k advise tag. If it is that low, why is it so hard to move the pension from one to the other?
What are other people’s experience of pensions and how to make them work to their best interests?
Unless you have pension policies that have any form of ongoing fixed administration fee (in addition to an annual management charge) it might not be that beneficial to combine all the policies.I have found that due to benefits I would require financial advice on the pensions and the ball part figures was £2000 for the advice.
It is normal now to have work pensions in several companies as we do all change jobs a few times these days?
Is this the best option? I am just thinking about the administration of all the pensions as I get older.
There is a lot in the news about pensions, and I am not unintelligent, but I am finding it hard to understand pensions and what the best options are.
The value in the pension does not qualify for a £2k advise tag. If it is that low, why is it so hard to move the pension from one to the other?
What are other people’s experience of pensions and how to make them work to their best interests?
Providing you can cope withe administration / monitoring of 3 separate plans, the you would then gain from having some diversification of investment manager.
Sidicks
I looked at a really basic site of pension stuff today. Your link looks much better, so will drive into that. Thanks the leaper.
I am still young enough to move a couple more times before retirement, so I suppose I am thinking about the long game here.
I would expect that due to the current career stuctures for most thus would happen more often. What is happening is that I end up with 8k in each.
Is 8k in each better than 32k in one? My basic mathematical idea would be yes, but then it is the transfer fees and all that gumbies that I don't understand.
I am still young enough to move a couple more times before retirement, so I suppose I am thinking about the long game here.
I would expect that due to the current career stuctures for most thus would happen more often. What is happening is that I end up with 8k in each.
Is 8k in each better than 32k in one? My basic mathematical idea would be yes, but then it is the transfer fees and all that gumbies that I don't understand.
I transferred two old pensions into a sipp - didn't want to pay management fees on them with no further money going in. Didn't have to pay for any advice - just did it.. (have been dabbling in stock market for last few years and couldn't really do much worse than the pension providers my monies were in...)
classicc said:
Is 8k in each better than 32k in one? My basic mathematical idea would be yes, but then it is the transfer fees and all that gumbies that I don't understand.
In principle yes. You can obtain fund charge rebates when you start getting to the mid/high 20s. You can also diversify and adopt different startegies within the single provider; just be aware that you are exposed to institutional risk a little more, due to the lack of institutional diversification. I wouldn't even consider a SIPP unless I had well in excess of 50k or so and/or I required a specific characteristic of it ie; as a busines owner, using it to buy my own business premises. The cost, capability and functionality of most modern Personal Pensions make them more than suitable for most people.
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