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    • pinkflamingo1965
    • By pinkflamingo1965 20th Mar 17, 9:35 AM
    • 6Posts
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    pinkflamingo1965
    Concerns about transfer of Virgin personal pension
    • #1
    • 20th Mar 17, 9:35 AM
    Concerns about transfer of Virgin personal pension 20th Mar 17 at 9:35 AM
    Hi everyone,

    I am self-employed and in my early fifties. I am thinking of starting a Virgin personal pension as it just seems simple with just a handful of funds and I feel so daunted about SIPPs and having to choose out of so many funds etc. (I also need to be able to stop and start my contributions depending on income.) The 1% annual charge seems ok (?) for this simplicity and I just need to crack on and save rather than worrying about and feeling so overwhelmed by it all that I don't do anything and then another year goes by!

    However, when you want to access the Virgin pension (which I intend to do at age 67), your only options are to take the whole lump sum in one go, which I have read is unadvisable, or transfer it to another provider who offers, say, an annuity. Is it easy to transfer such a final pension pot to another provider? Or do transfers only really apply to people who want to transfer before their retirement and then continue to save into the pension until retirement? Forgive my ignorance and thank you in advance for any help!
Page 1
    • MEM62
    • By MEM62 20th Mar 17, 10:56 AM
    • 1,221 Posts
    • 865 Thanks
    MEM62
    • #2
    • 20th Mar 17, 10:56 AM
    • #2
    • 20th Mar 17, 10:56 AM
    Nobody knows what the precise rules will be in years to come. However, you should still be able to transfer a pension to another provider.
    • dunstonh
    • By dunstonh 20th Mar 17, 11:13 AM
    • 88,112 Posts
    • 53,344 Thanks
    dunstonh
    • #3
    • 20th Mar 17, 11:13 AM
    • #3
    • 20th Mar 17, 11:13 AM
    I am thinking of starting a Virgin personal pension as it just seems simple with just a handful of funds
    Also, pretty much one of the worst on the market in terms of quality an cost.

    The 1% annual charge seems ok (?) for this simplicity
    About twice the cost of what an IFA can arrange. Going DIY is meant to save you money. Not cost you more.

    Is it easy to transfer such a final pension pot to another provider?
    yes

    Or you could go with a better option.
    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.
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