Mrs C has managed to rack up 8 different pension providers as she flitted between jobs.
One of our joyous week off jobs is to try and simplify life and amalgamate them. I thought there were transfer fees to take the money out and put it with another provider but after 8 loads of lift music on hold all 8 claim there is no fee to move out.
So, any top places to look (beyond my own maths) to help work out which of the 8 is the lucky recipient of the other 7?
Which ever one has a large choice of funds and the lowest platform fees.
Interactive Investor is a good start.
Also, Vanguard, but they only let you invest in their funds IIRC (all very low fee trackers).
Be careful and check thoroughly, my wife was going to transfer some old pensions but asked me to look at them first. One, with a transfer value of approx. 15k was a defined benefit paying out 3k a year from 60. That would have been an expensive mistake.
For keeping and eye on different funds and for research purposes I use trustnet, free to use and allows you to set up a portfolio and monitor everything in one place.
As a general rule, you should just leave any Defined Benefit pensions alone.
Sadly no defined benefits for her. Mine are though (services then teaching) and will be left well alone.
I’m afraid there probably isn’t a short cut to which of them is best. Work schemes will generally be limited to the choice of the scheme trustees rather than the actual platform. You might also find that she has to stay with the current provider to benefit from her work scheme contributions
I’d start with the current one & see if you are happy with their fund choice and charge structure.
Another big factor for me is the platform functionality & useability.
I’m afraid there probably isn’t a short cut to which of them is best. Work schemes will generally be limited to the choice of the scheme trustees rather than the actual platform. You might also find that she has to stay with the current provider to benefit from her work scheme contributions
I’d start with the current one & see if you are happy with their fund choice and charge structure.
Another big factor for me is the platform functionality & useability.
Current one (only started there a few months ago) is a crappy Nest jobbie. Think transferring all the old employer defined contributions ones (none of which are particularly special) into a Sipp might be the best plan.
One thing that is scary is how little it all adds up to. She's going to be on beans on toast!
Think transferring all the old employer defined contributions ones (none of which are particularly special) into a Sipp might be the best plan.
which is what i did, following some great advice from here....
Have a look at Intelligent money.
I can get you a contact for them and a code to negate any investment fee.
They tend to be cheaper fees than most and provide a full financial planning service when it's time to drawdown.
They will do everything for you.(except advice, they inform you, you make your own choices)
Transferring out of DB schemes can be a great choice but unfortunately will bring into contact with IFA's. Which is never pleasant.
If you're after fund performance info, Morningstar website is pretty good, you have to register (it's free and zero spam) eg
https://www.morningstar.co.uk/uk/news/206037/best-and-worst-performing-investment-trusts.aspx
