Advice welcomed - Liverpool Victoria APP

stevehull08

I have been carrying out a thorough review of my finances (i am 34) and from the age of 18 i opted out of SERPS with Liverpool Victoria, and a proportion of my NI contributions were paid into a LV Appropriate Pension Plan. In 2004 all of LV clients were automatically transferred back into the State Pension as at that time it was the recommended option.

I am now considering transferring the value of my protected rights to a Hargreaves Lansdown SIPP, however I am not sure how well (or badly) my LV funds have performed over the past few years, and whether or not this would be the right thing to do.

I have listed below all the information I hope is relevant:

Current Fund/Transfer Value: £8843.21
Value at 05/04/04 was £7027.74
No penalty for transferring policy
No MVA applicable
Fund invested in - Traditional with profits
Charges £35 a year admin, + £1.25 a month
Bonus Rate @ 01/03/2008 = 11.88%

At this time I have no other pension arrangements, i will be clearing some debts and in approx 2 years time will be contributing about £200 a month into the proposed Hargreaves SIPP.

Basically is the Liverpool Victoria fund any good, or should I switch.

I appreciate any advice offered would be solely your personal opinion.

Cheers

EdInvestor

Does this policy have a guaranteed annuity rate or guaranteed investment return attached?

stevehull08

No i don't believe it does after reading all the details

stevehull08

I know everyone is very busy, but anyone (at all!) have any advice or opinion. Thanks

EdInvestor

stevehull08 wrote: »

Bonus Rate @ 01/03/2008 = 11.88%

What does this refer to? You should get a pension forecast from LV.