How easy to transfer pension pot?
Discussion
Currently not serious, but wondering how feasible.
I started drawing down about 7 years ago.
I'd been with my IFA for years, small outfit. They've sold out to a larger group and both partners retired.
Not particularly impressed with larger group, plus provider has now been taken over by Aviva. A company I hate with a passion.
Just mulling things over, is a transfer as say bank or utility? Or is this seriously costly and complicated?
I started drawing down about 7 years ago.
I'd been with my IFA for years, small outfit. They've sold out to a larger group and both partners retired.
Not particularly impressed with larger group, plus provider has now been taken over by Aviva. A company I hate with a passion.
Just mulling things over, is a transfer as say bank or utility? Or is this seriously costly and complicated?
Theoretically dead easy, however, some schemes are not exactly prompt or helpful when transferring out.
I'm trying to move some uncrystallised funds from Barclays (Willis Towers Watson) to IM and WTW are frankly awful. Its taken months and I'm having to chase them continually (as are IM).
If yours is in payment, then depending on the frequency, there may be a glitch on the transfer month, but nothing insurmountable.
I'm trying to move some uncrystallised funds from Barclays (Willis Towers Watson) to IM and WTW are frankly awful. Its taken months and I'm having to chase them continually (as are IM).
If yours is in payment, then depending on the frequency, there may be a glitch on the transfer month, but nothing insurmountable.
Jasey_ said:
Just transferred from Aviva to IM took just under a month.
With IM it was just filling in the form online and that was it.
That's good to hear . I have a modest DC pension pot ( not paying in now , but nothing touched ) with Aviva and have been toying with moving it to IM as I opened a SIPP with them 2 years ago , so just logical to me to put them both together . With IM it was just filling in the form online and that was it.
I have been watching my Aviva performance vs IM ....the Aviva is in passive global equities and IM100 . Now here is the oddity with the aviva , over the year I have watched the Aviva is very slowly lagging my IM100 , and this is odd as my ALL in fees for the aviva are only 0.12% per annum (which is why I kept it there) , but the real evidence points to aleeser over all return. Inspected the product sheet and its much like the IM100 . perhaps heavier in europe so maybe that's why .
Me thinks, time to sack them off.
Super easy to transfer out from Aviva. Moved a very small pension from my previous employer out of Aviva and into Scottish Widows. Whole thing took around 3 weeks.
Just to add - is a yearly fund charge of 0.280% excessive?. Moved the pension from the default life strategy to a high growth fund. I still have 25 years to go while working at the same company etc so I thought I’d try to maximise as much as I can.
Just to add - is a yearly fund charge of 0.280% excessive?. Moved the pension from the default life strategy to a high growth fund. I still have 25 years to go while working at the same company etc so I thought I’d try to maximise as much as I can.
Matt p said:
Super easy to transfer out from Aviva. Moved a very small pension from my previous employer out of Aviva and into Scottish Widows. Whole thing took around 3 weeks.
Just to add - is a yearly fund charge of 0.280% excessive?. Moved the pension from the default life strategy to a high growth fund. I still have 25 years to go while working at the same company etc so I thought I’d try to maximise as much as I can.
No 0.28% is not excessiveJust to add - is a yearly fund charge of 0.280% excessive?. Moved the pension from the default life strategy to a high growth fund. I still have 25 years to go while working at the same company etc so I thought I’d try to maximise as much as I can.
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hstewie said:
hstewie said: Short answer yes there will.
The degrees of difference will vary depending what you're comparing.
Next questionThe degrees of difference will vary depending what you're comparing.
Up until now i relied on an IFA, been using them for donkeys years. It was easy he made a recommendations for consideration we rubbed along and everything was rosy.
How do i go about finding the right funds and providers to suit?
PositronicRay said:
Next question
Up until now i relied on an IFA, been using them for donkeys years. It was easy he made a recommendations for consideration we rubbed along and everything was rosy.
How do i go about finding the right funds and providers to suit?
I'd spend some time on these sites and do some reading.Up until now i relied on an IFA, been using them for donkeys years. It was easy he made a recommendations for consideration we rubbed along and everything was rosy.
How do i go about finding the right funds and providers to suit?
https://monevator.com
https://www.vanguardinvestor.co.uk
If you understand your appetite for volatility and keep costs low and stick to your plan and you could almost certainly do everything yourself using low cost passive investments and not have to think too much about it.
Once you go the active route there tends to be higher fees and more thought and involvement needed because by definition you're making more choices about who/how/where you invest than you usually do going via the passive route.
Advice definitely has its place and you'll pay more for it but it has its place for lots of people especially when it comes to tax and planning and things like that.
What are you invested in now through the IFA?
bhstewie said:
hstewie said:PositronicRay said:
Standard life i think they'd say cautious to medium isa and pension in a 40/60 fund.
Do you know the fund name(s)?You may be able to (for example) remain invested in the same fund(s) where you are now but just lose the IFA part or move to a cheaper platform.
Elevate standard life wrapper
Seems ISAs and pension are all with Vanguard LifeStrategy 40%Equi A Acc
Well in that case if you're happy with the investments I'd expect it should be as simple as just stay on the platform you're on and drop the IFA or if that isn't possible (or the fees are too high) you should be able to move it to pretty much any provider.
I don't know much about how pensions work in drawdown but Vanguard's platform is pretty cheap and the LifeStrategy fund fee will be the same whoever you use.
I don't know much about how pensions work in drawdown but Vanguard's platform is pretty cheap and the LifeStrategy fund fee will be the same whoever you use.
Got it, could well be a case of if in doubt do nowt.
I had another thread running about putting some spare cash in as isa. Looked like it was very expensive to do though my current provider.
Would it be more beneficial to simply stop drawing down my current pension and live off the spare cash for a bit. Say 5 yrs or so? Our state pensions kicks in 2024 anyway.
(Tax planning is what I miss from my old advisor)
I had another thread running about putting some spare cash in as isa. Looked like it was very expensive to do though my current provider.
Would it be more beneficial to simply stop drawing down my current pension and live off the spare cash for a bit. Say 5 yrs or so? Our state pensions kicks in 2024 anyway.
(Tax planning is what I miss from my old advisor)
I have no idea on that stuff (to be clear I work in IT nothing financial other than my own investing).
But if the only fund you hold is LifeStrategy 40 the cost of the fund itself is 0.22% any other fees will be a mix of platform and advisor fees so I'd try and understand exactly what you're paying right now.
But if the only fund you hold is LifeStrategy 40 the cost of the fund itself is 0.22% any other fees will be a mix of platform and advisor fees so I'd try and understand exactly what you're paying right now.
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