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    • oligopoly
    • By oligopoly 15th Mar 17, 1:25 PM
    • 254Posts
    • 65Thanks
    oligopoly
    Moving Pension from Reassure to Royal London
    • #1
    • 15th Mar 17, 1:25 PM
    Moving Pension from Reassure to Royal London 15th Mar 17 at 1:25 PM
    First off, I appreciate that no-one can give me financial advise on this but interested to hear people's thoughts as my knowledge on this is very limited...

    I had a company pension with HSBC, which Reassure bought up a couple of years ago. The feeling at my work seems to be that Reassure have no interest in trying to invest or grow our pension amounts as it's a closed scheme. Therefore I am interested in moving the whole lot to my company's new pension scheme, offered by Royal London. This scheme seems a lot more active and much more transparent (I can log in and see my current balance - hooray!)

    I just called Royal London and they said they don't normally allow people to transfer their pension pots unless instructed by a Financial Advisor. I can understand why the financial companies might be a little jumpy at the moment with the recent PPI debacle.

    They said it can be done without a Financial Advisor (EXO/execution only) but I need to write a letter to state I am happy to do so etc.

    With little experience or knowledge on this - but with a naturally paranoid mindset - is there any big reason for not transferring the money? Any questions I should be asking Reassure first? Or does it sound like a simple question of moving the funds as though it was from a savings account that has it's % slashed to a new account with 2.5%?

    I know there is no Guaranteed Annuity Rate or Guaranteed Minimum Pension on my Reassure scheme...

    Thanks in advance.
    Increasingly money-conscious
Page 1
    • dunstonh
    • By dunstonh 15th Mar 17, 1:40 PM
    • 86,796 Posts
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    dunstonh
    • #2
    • 15th Mar 17, 1:40 PM
    • #2
    • 15th Mar 17, 1:40 PM
    The feeling at my work seems to be that Reassure have no interest in trying to invest or grow our pension amounts as it's a closed scheme.
    They still operate investment funds and whilst they will not be fully resourced, they are not doing a bad job on the unit linked funds.

    I just called Royal London and they said they don't normally allow people to transfer their pension pots unless instructed by a Financial Advisor. I can understand why the financial companies might be a little jumpy at the moment with the recent PPI debacle.
    its more to do with their distribution channels and regulatory permissions. They do not have an advice authorisation. For example, if you use the non-advised royal london pension, it is less advanced and more than double the annual charges of the advised version.

    With little experience or knowledge on this - but with a naturally paranoid mindset - is there any big reason for not transferring the money?
    Which is better? old one or new one (or other alternative)? I dont mean you guessing or making assumptions. I mean proper analysis. Have you compared the two?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • oligopoly
    • By oligopoly 15th Mar 17, 1:58 PM
    • 254 Posts
    • 65 Thanks
    oligopoly
    • #3
    • 15th Mar 17, 1:58 PM
    • #3
    • 15th Mar 17, 1:58 PM
    They still operate investment funds and whilst they will not be fully resourced, they are not doing a bad job on the unit linked funds.
    Originally posted by dunstonh
    Oh really? Interesting to know...

    Which is better? old one or new one (or other alternative)? I dont mean you guessing or making assumptions. I mean proper analysis. Have you compared the two?
    Originally posted by dunstonh
    I wouldn't have a clue on how to measure this - isn't it all sort of guess work?. I can see the Royal London 'Balanced Lifestyle Strategy' has 31 years of 'RLP Global Managed' fund name at 72.5% invested, RLP Property at 17.5%... Is that the sort of thing you mean?

    Maybe i do need to speak to a FI...
    Increasingly money-conscious
    • dunstonh
    • By dunstonh 15th Mar 17, 2:36 PM
    • 86,796 Posts
    • 51,952 Thanks
    dunstonh
    • #4
    • 15th Mar 17, 2:36 PM
    • #4
    • 15th Mar 17, 2:36 PM
    I wouldn't have a clue on how to measure this - isn't it all sort of guess work?.
    No. Virtually all of it is measurable and factual. A small part may be due to investments or service. Charges, features, options are all factual.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • xylophone
    • By xylophone 15th Mar 17, 3:49 PM
    • 20,555 Posts
    • 11,755 Thanks
    xylophone
    • #5
    • 15th Mar 17, 3:49 PM
    • #5
    • 15th Mar 17, 3:49 PM
    if you use the non-advised royal london pension, it is less advanced and more than double the annual charges of the advised version.
    The OP wants to transfer the Reassure pension into his existing company pension with Royal London so the fees/charges etc would be what he is paying now?

    Or do you mean that if he transferred out without advice Royal London would insist that he took out a new "unadvised" pension which would be double what he is paying now?
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