three pensions, only one 'live' at the moment

John_M_Business

Hi there

Wonder any of you can help. I have three pensions schemes in my 'bag' at the moment.

Initially, I had a personal pension with Royal and Sun Alliance, which I payed into for a period of five years (although small amounts, it's doing OK). I have stopped paying into it because it is not a stakeholder policy and it's performance has deteriorated (although has just been 'bought' by Resolution Life Group - which I'm not sure is a good idea or not!!). So I have a tidy sum in this, but there are some redemption penalities if I choose to move this (but, then again, they're going to take fees for the rest of the time I have money in this... so it's a bit of a 'no-win' situation - the penalties are moderate)

Secondly, my last employer set up a Stakeholder pension with Halifax Life, and I contributed to this, but only for about ten months. So there is a small amount in this.

Finally, I have recently set up a personal stakeholder pension with Scottish Amicable, and will hopefully be running this for the foreseeable future.

So, I would be interested in peoples' thoughts. Should I move everything into my current policy? Should I take pay-out?

What would be your advice?

Thanks, in advance.

dunstonh

R&SA with profits is unlikely to return to any sort of decent performance in the future. If the charges over the term are higher than a replacement stakeholder or personal pension, then it can be justifiable to move it.

Halifax life - nothing special threre and being a stakeholder, there is no cost to transfer.

Scot Amicable - strange choice for a provider.

At the end of the day, a stakeholder pension is much the same with all the providers. its the fund availability that is the most different so as long as you have a decent fund spread it doesnt matter too much.

If you are going to investigate transferring, then i recommend you do it soon as stakeholder charges go up soon on new plans.

Milarky

If you are going to investigate transferring, then i recommend you do it soon as stakeholder charges go up soon on new plans.

Just to clarify. New policies taken out after April 6 2005 are not subject to a 1% cap but a 1.5% annual charge for 10 years [1% thereafter]?

So any 'existing' policies as at that date [including any set up with 'token' contributions between now and then] will eacape higher charges? Is it that straightforward?

[Thanks in advance]

John_M_Business

Scot Amicable - strange choice for a provider.

It's an ethical choice. Not the best performer, but I'm not just relying on the pension for the future.