Standard Life Pension

mikehbs

Hi this is my first post.

I have a stakeholder pension with Standard Life, I'm getting a windfall of shares.

My IFA has been on already advising me to move my pension to another provider now that I have the windfall shares. Obviously I guess the IFA is keen to move my pension so that he gets another commission from another company.
Whats peoples opinion on this? Do the illustrations have to prove to me that my pensions better off being moved elsewhere or are the illustrations based on fixed forecasts i.e. 6%, 9% e.t.c.????

Anyone know of a good pension provider?

dunstonh

Obviously I guess the IFA is keen to move my pension so that he gets another commission from another company.
Whats peoples opinion on this? Do the illustrations have to prove to me that my pensions better off being moved elsewhere or are the illustrations based on fixed forecasts i.e. 6%, 9% e.t.c.????

1 - does it matter if the IFA gets paid for doing his job?
2 - if the charges for you are lower on the new provider then the IFA is doing his job well and you are paying less.
3 - If its stakeholder to stakeholder, then yes the illustrations would have to be lower on the new provider. It shouldnt be difficult with a number of providers offering lower charges than Standard Life.
4 - If its stakeholder to SIPP/Hybrid SIPP, then charges will be more but the investments should be better over the long term. Do you want cheap or best potential?

Anyone know of a good pension provider?

yes.

mikehbs

Thanks for the response.

1. No it doesnt matter if the IFA gets paid for doing his job, after all nothing in life is for free.
4. Obviously I want best growth over the long term, charges should really be irrelevant as charges could be higher on a better managed pension fund? Though risk could be an issue as I wouldnt want to gamble with my retirement fund?

So I suspect from what you have said about SL charges/performance, SL will be losing a lot of customers in the short term?

dunstonh

So I suspect from what you have said about SL charges/performance, SL will be losing a lot of customers in the short term?

I will not have one client left in the SL with profits fund by the end of the year. Some will remain in the SL pension but on alternative funds. Others will be moved into Hybrid SIPPs which will cost more than a stakeholder but offer greater investment options.

I dont see a massive exodus from SL as such but I do see many trying to get out of the with profits fund.

On your point on "managed pension fund"... one fund is rarely the way to invest. 10-13 funds tend to be my average split depending on amounts invested. One fund is old fashioned and the one fund has very often been a "mixed" fund which tries to be something of everything but usually ends up being very little of anything. The old saying, dont put all your eggs in one basket really does make sense when investing.