Transferring Pensions to avoid IFA Charges!

oceanblue_3

EdInvestor wrote:

Perhaps you two could sort the situation out between yourselves.

Perhaps you could look again at what you've written:

1) Provident Mutual is not a "fund"; it's an insurance company now owned by Norwich Union;

2) the link you provided was to an an article about with-profits endowment policies issued by Provident Mutual; the poster has a paid-up pension policy, not an endowment policy. Furthermore, there is no evidence that she has any money invested in the with-profits fund.

dunstonh

What has my comment about PM being closed for new business got to do with Oceanblues clarification about fund availability?

angelavdavis

Phew I feel I have whipped up a storm here! Apols for not checking in sooner - I have a stinker of a cold and have been in bed!

Thanks everyone for their contributions. I can't see from the paperwork whether the Standard Life pension is with profits, so will have to make a couple fo calls about this

oceanblue_3

angelavdavis wrote:

Phew I feel I have whipped up a storm here! Apols for not checking in sooner - I have a stinker of a cold and have been in bed!

Thanks everyone for their contributions. I can't see from the paperwork whether the Standard Life pension is with profits, so will have to make a couple fo calls about this

Hi Angela

Hope the cold is better!

Despite your past experiences, I think that speaking to an IFA would be useful. It sounds to me as though your separate pots would benefit from consolidation, and this process shouldn't cost too much.

Try this link

http://www.unbiased.co.uk/?WT.mc_t=PPC&WT.mc_n=Google&WT.srch=1

to locate an IFA. Let the person concerned know what you're looking for, and ask for a simple breakdown of commission-based work versus fee-based work. If you agree on a fee, then no commission should be charged; as a result, and all things being equal, this should give you a bigger retirement fund than the commission option.

As others have suggested, consolidating everything into a SIPP may be a good idea too (although switching out of Standard Life at this time may prove costly, as you know). One option is a "pure SIPP", which essentially is a wrapper for holding direct investments like individual shares and gilts, for example. You would be responsible for the selction, purchase, and management of these assets. From April 2006, the types of assets qualifying for inclusion in a SIPP will be extended to include buy-to-let properties, and this might appeal to you as well.

However, if you want a less "hands-on" approach, then a simple stakeholder or personal pension plan might be more suitable.

EdInvestor

One other thing I forgot to mention Angela,

If your pension is a WP one in the Provident Mutual closed fund at NU, it would be a good idea to check for any guarantees it may have attached to it (eg a guaranteed annuity rate) before moving it. If you have one of these it may be better to stay put.

angelavdavis

Thanks for your help. Requested a package on Norwich Union pension funds today. Will check out the links too. Thanks Ed & OB!!