Choosing a Pension Provider?
Discussion
I have a few of pensions. In order of taking them out they are:
Pension 1 (Personal) - 10+ years contributions 50k value. Stopped paying in when I got a company pension. Its performing well.
Pension 2 (Company) - 15+ years contributions and is performing well, and is worth a good sum.
Pension 3 (Company) - 2 years contributions 13k value, zero growth. Stopped paying into it when I started out on my own.
I now want to start serious pension saving as I want to retire in 5 years.
Pension 2 is decent and will stay as it is. I want to combine pension 1 and 3, and start paying large sums into this to form a decent second pension. That will give me a nice mix of 2 pensions and some property to fund retirement.
Initially I wanted to pay pension 3 into 1, pay a lump sum in, and then start paying a good monthly payment. Pension company 1 though seem like idiots. I've had to write to them twice, and its take them 6 weeks to get back to me. Their response has was that I can't transfer anything in, they will only take payments up to my old monthly payment. They have suggested I call their sales team to start a different pension! It all to do with the fact my pension was originally with my bank, but its now with their pension department.
If I'm going to have to start a different pension them I might as well look around, so whats a decent resource for comparing pensions for the laymen?
Pension 1 (Personal) - 10+ years contributions 50k value. Stopped paying in when I got a company pension. Its performing well.
Pension 2 (Company) - 15+ years contributions and is performing well, and is worth a good sum.
Pension 3 (Company) - 2 years contributions 13k value, zero growth. Stopped paying into it when I started out on my own.
I now want to start serious pension saving as I want to retire in 5 years.
Pension 2 is decent and will stay as it is. I want to combine pension 1 and 3, and start paying large sums into this to form a decent second pension. That will give me a nice mix of 2 pensions and some property to fund retirement.
Initially I wanted to pay pension 3 into 1, pay a lump sum in, and then start paying a good monthly payment. Pension company 1 though seem like idiots. I've had to write to them twice, and its take them 6 weeks to get back to me. Their response has was that I can't transfer anything in, they will only take payments up to my old monthly payment. They have suggested I call their sales team to start a different pension! It all to do with the fact my pension was originally with my bank, but its now with their pension department.
If I'm going to have to start a different pension them I might as well look around, so whats a decent resource for comparing pensions for the laymen?
PurpleMoonlight said:
If you want to actively chose investments for yourself a Hargreaves Lansdown SIPP will probably suit.
If you want someone else to make recommendations/decisions then consult an IFA.
All I want is a bog standard pension I can pay into that's had reasonable growth in past years (at lest keeping up with inflation). The main aim is to save with the tax break, as 5 years is never going to see huge returns.If you want someone else to make recommendations/decisions then consult an IFA.
Essentially I just want to replace pension 1 with something similar where the provider will let me pay in:
1. the contents of pension 3
2. a lump sum now
3. regular monthly payments of about 3-4k
Pension 1 provider seems unable/unwilling to do this.
98elise said:
Its not really advice that I need. I just need to replace 1 product with a similar product.
But that constitutes advice as far as the FCA is concerned.Yes you can get some suggestions here for free, but to get a product suitable for your particular needs you should consult a suitable authorised IFA. They will also look into any detrimental effects of transferring pension 3, eg would you be giving up any guaranteed annuity rates.
Edited by PurpleMoonlight on Friday 10th June 12:39
PurpleMoonlight said:
98elise said:
Its not really advice that I need. I just need to replace 1 product with a similar product.
But that constitutes advice as far as the FCA is concerned.Yes you can get some suggestions here for free, but to get a product suitable for your particular needs you should consult a suitable authorised IFA. They will also look into any detrimental effects of transferring pension 3, eg would you be giving up any guaranteed annuity rates.
Edited by PurpleMoonlight on Friday 10th June 12:39
I won't be buying an annuity, so thats not an issue.
There is a tendency for product providers to confuse 'information', which they should be able to provide because it is after all their own product, with 'advice', upon which you will see a similar effect as exposing a vampire to sunlight. Sometimes I sense they use the vampire scenario because telling you the facts about their products is sometimes rather difficult for them. Persist.
98elise said:
I have a few of pensions. In order of taking them out they are:
Pension 1 (Personal) - 10+ years contributions 50k value. Stopped paying in when I got a company pension. Its performing well.
Pension 2 (Company) - 15+ years contributions and is performing well, and is worth a good sum.
Pension 3 (Company) - 2 years contributions 13k value, zero growth. Stopped paying into it when I started out on my own.
I now want to start serious pension saving as I want to retire in 5 years.
Pension 2 is decent and will stay as it is. I want to combine pension 1 and 3, and start paying large sums into this to form a decent second pension. That will give me a nice mix of 2 pensions and some property to fund retirement.
Initially I wanted to pay pension 3 into 1, pay a lump sum in, and then start paying a good monthly payment. Pension company 1 though seem like idiots. I've had to write to them twice, and its take them 6 weeks to get back to me. Their response has was that I can't transfer anything in, they will only take payments up to my old monthly payment. They have suggested I call their sales team to start a different pension! It all to do with the fact my pension was originally with my bank, but its now with their pension department.
If I'm going to have to start a different pension them I might as well look around, so whats a decent resource for comparing pensions for the laymen?
The problem here is that you cannot possibly get a quick answer her as it is a complex situation that requires far more information.Pension 1 (Personal) - 10+ years contributions 50k value. Stopped paying in when I got a company pension. Its performing well.
Pension 2 (Company) - 15+ years contributions and is performing well, and is worth a good sum.
Pension 3 (Company) - 2 years contributions 13k value, zero growth. Stopped paying into it when I started out on my own.
I now want to start serious pension saving as I want to retire in 5 years.
Pension 2 is decent and will stay as it is. I want to combine pension 1 and 3, and start paying large sums into this to form a decent second pension. That will give me a nice mix of 2 pensions and some property to fund retirement.
Initially I wanted to pay pension 3 into 1, pay a lump sum in, and then start paying a good monthly payment. Pension company 1 though seem like idiots. I've had to write to them twice, and its take them 6 weeks to get back to me. Their response has was that I can't transfer anything in, they will only take payments up to my old monthly payment. They have suggested I call their sales team to start a different pension! It all to do with the fact my pension was originally with my bank, but its now with their pension department.
If I'm going to have to start a different pension them I might as well look around, so whats a decent resource for comparing pensions for the laymen?
Pension 1 has been going for 10 years, so should have done alright given markets over this period.
Pension 2 has been going for 15 years, so should have done much better given that it started after a market crash and markets have increased over this period.
Pension 3 has been going for 2 years, so should have not have done well given markets falls over this period.
None of this has much to do with how good (or not) either of these pensions are.
If one of them offers a 13% guaranteed annuity (unlikely, but something similar might have been included) you would me mad to transfer away. You wouldn't get half that today and therefore would need this pension to be worth more than twice the size after transferring.
The two company ones could also offer life insurance. You don't say, but I presume these are not defined benefit schemes?
No one can give you a steer without a lot more info and whatever anyone says you should seek advice.
I'm happy to add more if you like. If you want to run them yourself consider Alliance Trust Savings or Frequent Trader (Club Finance) as they can be far more cost effective the HL and Fidelity. If you want them managed for you PM Ginge R or contact The Pension Review Business and ask about Intelligent Money (I have a connection there - just want to disclose it).
Do you mind OP if I tag along under your thread heading (otherwise we could have as many what pension threads as we do what car).
We have a number of scheme's running at work as the pension landscape has developed through the likes of Stakeholder and now into Auto-Enrol. One lad has been granted additional employer contributions - only £20pw to start, with potential for three times as much in a few years. He already has his Auto-Enrol at the minimum level and that is with Scottish Widows - so more flexible on fund choice / transfer than some other providers.
Would folks just plough this into Auto-Enrol or start another policy (currently we have staff with Aviva and SW - although I know some have tightened up on minimum contributions etc moving forward). All thoughts welcome - he'll be working for many years to come.
We have a number of scheme's running at work as the pension landscape has developed through the likes of Stakeholder and now into Auto-Enrol. One lad has been granted additional employer contributions - only £20pw to start, with potential for three times as much in a few years. He already has his Auto-Enrol at the minimum level and that is with Scottish Widows - so more flexible on fund choice / transfer than some other providers.
Would folks just plough this into Auto-Enrol or start another policy (currently we have staff with Aviva and SW - although I know some have tightened up on minimum contributions etc moving forward). All thoughts welcome - he'll be working for many years to come.
I've recently moved over to HL for these reasons:
1. £200 SIPP charge if you stick to shares, investment trusts, CTF's. (Unit trust fund charges are still too expensive IMHO). Minimising charges really helps your money stay in your pocket.
2. £500 cash back per £125K transfer in (may be £150K now). This is actual money rather than a pension top-up so you can put it back into pension and get marginal rate relief on it.
3. Good website for tracking your investments. Trading charges are not the best but I don't trade much. Just buy once and collect divis.
4. Very good online support. All my questions have been dealt with professionally.
Monevator and retirementinvestingtoday.com are decent sites to read which have similar aims to you.
1. £200 SIPP charge if you stick to shares, investment trusts, CTF's. (Unit trust fund charges are still too expensive IMHO). Minimising charges really helps your money stay in your pocket.
2. £500 cash back per £125K transfer in (may be £150K now). This is actual money rather than a pension top-up so you can put it back into pension and get marginal rate relief on it.
3. Good website for tracking your investments. Trading charges are not the best but I don't trade much. Just buy once and collect divis.
4. Very good online support. All my questions have been dealt with professionally.
Monevator and retirementinvestingtoday.com are decent sites to read which have similar aims to you.
Gassing Station | Finance | Top of Page | What's New | My Stuff