Stakeholder pension with Virgin?

Mrs_CS

I have a small personal pension with Pearl Assurance that is making nothing. I have been informed that I can tranfer £29,000.
Through my employer I also have a Virgin Stakeholder pension - would it be advisable to transfer the Pearl pension to Virgin or should I look for another pension provider?
I am 52, female, and hope to retire at 60.
Thanks

MikeJones_2

Mrs_CS wrote: »

I have a small personal pension with Pearl Assurance that is making nothing.

Why? In what is it invested?

Mrs_CS wrote: »

I have been informed that I can transfer £29,000.

Ask what the current fund value is and compare that with the transfer value. It might be that your transfer value is lower (for one of a variety of reasons) and depending upon the size of difference, you'd need to factor this into whether a transfer would be a good idea.

Mrs_CS wrote: »

Through my employer I also have a Virgin Stakeholder pension - would it be advisable to transfer the Pearl pension to Virgin or should I look for another pension provider?

This would depend upon what you are trying to achieve which presumably is better performance on your pension fund. You don't seem to know, for example, whether what you are trying to achieve (better performance) could still be done with your existing pension provider, whether in the current policy or via an internal transfer.

Mrs_CS wrote: »

I am 52, female, and hope to retire at 60.

A trip to an IFA who specialises in pensions would be a good move. The IFA will look at your specific situation and circumstances and would listen to what you are trying to achieve. A good adviser will then make recommendations accordingly.

It could be time and money well spent now, given that you have 8 years until you intend to draw your benefits.

Hope this helps.

Mike Jones

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

Mrs_CS

Thanks Mike, I think I will take your advice and contact an IFA.

dunstonh

The Virgin pension is one of the worst stakeholder pensions out there. Pearl V1-V4 plans are usually easily justifiable to move. Pre 88 retirement annuity contracts usually have guarantees. Some have guaranteed minimum values as well so the bonus isnt an issue. Freedom bonds also tend to have guarantees as well. (with 5 ex Pearl employees on my books I tend to see a lot of Pearl plans!)