We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Transfer work pension out
Comments
-
BananaRepublic wrote: »..... encourage the OP to read investment guides on respected web sites such as this one and Motley Fool, or even better, buy some books. .........
and you think this is sufficient for a rank amateur to become a safe DIY investor?
Laughable IMO....The questions that get the best answers are the questions that give most detail....0 -
The OP said the pot was only £136 and he doesn't plan on topping up the SIPP regularly so most of the investment suggestions seem not to be relevant (yet).The pension pot to transfer is £13k.
Initially I was planning to transfer the pension to a Hargreaves Lansdown SIPP, but after looking around the forum and seeing the Daily Telegram chart on SIPP fees I'm now planning to transfer to Bestinvest, since they seem to have the sanest fees upto £100k. Though I'm not really planning on topping up the SIPP regularly.0 -
and you think this is sufficient for a rank amateur to become a safe DIY investor?
Laughable IMO....
So you think it best to listen to self proclaimed experts posting anonymously on a forum?
And yes my suggestion is a very good way for a rank amateur to learn about investing. Some basics are explained here:
http://www.fool.co.uk/investing-basics/
A little research will soon throw up some decent books. Organisations such as Which produce a decent book or at least they used to. The difference between these articles and books, and online posts, is that a qualified writer has taken a considerable time to organise their thoughts, they have been checked for errors, and usually they are reviewed, giving an independent assessment
I would be reluctant to put much faith in a few hastily wriiten posts on a forum.0 -
grey_gym_sock wrote: »i could have gone for the short option, like dunston, and just said that it was bad advice to a newbie investor to buy separate funds. instead, i went for a discussion of a few of the pitfalls of doing that, while not denying that it was a viable option, if you do it right.
either way, that part of your advice was bad. and you take offence very easily.
Your response was long winded and condescending, stating many things that are obvious to all but the novice. I also disagree with your remarks about individual funds, it all depends. The problem with your post is that it simply is not a good enough explanation of investing, ignoring as you do so much. That is why I suggested that the OP should do some background reading.
However, one point which I don't think has been made is that the OP does not have to worry too much about specific fund in the short term. They have a time constraint, and could simply opt for a low risk but boring UK tracker, then if they wish change funds later, after doing research. A UK tracker avoids currency risk, something you missed in your post, proving again that the OP is best to read up on investment.0 -
Have a look at Snowman's spreadsheet for platform charges:
http://forums.moneysavingexpert.com/showpost.php?p=64540489&postcount=15
HL are one of the cheaper ones for a small SIPP, certainly on £13k you want one without fixed annual fees, many/most platforms have fixed annual fees. Also check the transfer out fees to check how much you'll pay if you don't like the platform and want to transfer away. The spreedsheet above gives you all those.0 -
Thanks all for the great advice.
Unfortunately my new employer does not even have a pension scheme! So no option to move it to the new employer. Also I don't want to lose track of my pension money by keeping it at my employer's pension. All my previous pensions are with my previous employers and I feel like I don't really have good visibility and grasp over them, thinking "will I ever see any of this money?".
I'll do some more reading with the links provided and try and come up with a plan soon!0 -
They have a time constraint, and could simply opt for a low risk but boring UK tracker, then if they wish change funds later, after doing research. A UK tracker avoids currency risk, something you missed in your post, proving again that the OP is best to read up on investment.
That is also very bad quality investing too.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Unfortunately my new employer does not even have a pension scheme!
This will have to change.
https://www.gov.uk/workplace-pensions/about-workplace-pensions
If you have several pensions, it might be worth considering taking independent financial advice on your situation.
https://www.unbiased.co.uk/0 -
BananaRepublic wrote: »You've quoted out of context to change the meaning of my advice. Firstly the statement you quote is valid. Secondly I clearly advised they read online guides here, on Motley Fool and elsewhere. And as for your statement that investing in several funds increases risk, that is false.
no, they used your mistakes in your post to point out how a miss understanding could take place?
Honestly, havent you had enough of picking fights this season? Or do you not have family and friends to fight with?0 -
BananaRepublic wrote: »Please do not talk down to me in such a condescending manner. The advice you gave in your first post seemed good. I wanted to briefly make a couple of points and most importantly encourage the OP to read investment guides on respected web sites such as this one and Motley Fool, or even better, buy some books. I don't think a few posts in a forum is going to teach anyone the basics. All too often they learn how to squabble as you ably demonstrate. :rotfl:
Seriously, OP, do please do your homework, there are guides by people who are respected writers in their field, so you can be assured the advice is reasonable.
Seriously, stop picking fights with people?
If your advice is sound, then people will take it. without you constantly contradicting and slamming others.
But dont take it badly if you are factually incorrect and therefore are corrected.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards